Michigan Auto Insurance Rates Rise

The median six-month auto insurance rate in Michigan has increased approximately 5.4 percent over the last six months to reach $688, according to online insurance provider InsWeb.

InsWeb also reported some findings of Michigan median auto insurance rates segmented by specific demographic groups:

Men in Michigan pay a median auto insurance rate that is more than 3 percent higher than the rate paid by women.

Drivers in Michigan 19 years of age and younger pay a median auto insurance rate that is more than double the rate paid by drivers ages 50 to 59.

A Michigan household that pays the six-month median rate of $688 and earns the Michigan household median annual income of $44,727 pays approximately 3.1 percent of its gross income for car insurance. By this “affordability factor,” Michigan is the 24th most affordable state in which to insure a vehicle.

Currently, Massachusetts is the most affordable state with a factor of 2.0 percent, while Louisiana is the most expensive with a factor of 7.1 percent.