Car Insurance in Connecticut is higher than the National average. There are many reasons due to which the car insurance in Connecticut is high. Connecticut’s roads are congested. Also, the number of luxury cars driven here are high. Hence the premium for auto insurance exceeds the national average. The increase in the minimum coverage recently can make the insurance costs go even higher.
Areas that have a lot of traffic congestion have proved to have more accidents. And insurance companies consider Connecticut to be one of those risky areas in the nation owing to its roads with heavy traffic. Hence the premium amount for auto insurance in Connecticut is really high.
In 2018, the minimum liability was raised from 20/40/10 to 25/50/25.It was done in order to match the coverage with the rise in auto repairs and medical care costs. By doing this, the drivers will have to shell out less from their own pockets if an accident occurs.
Though it is done with good intention, it could have a negative impact too. Few drivers may avoid taking insurance because of the high premium amounts. As of now, nearly 9% of drivers in Connecticut are without insurance. If this percentage of uninsured drivers rises, then the premiums for auto insurance in Connecticut will also increase because insurance companies will find it riskier. And apart from that, if you meet with an accident and the other driver doesn’t have the motorist coverage, then you could land up paying a huge price.
The residents of Connecticut have a disposable income that is 2nd highest in the nation compared to other states. Hence, more luxury cars are owned here which means higher rates. This also affects auto repair rates. The repair costs increase too. All this is seen as a huge risk by insurance providers and they make the customer bear the burden of this by making them pay higher premium amounts.
Minimum Auto Insurance in Connecticut
In Connecticut, the minimum insurance requirements are as follows:
Liability:
- Bodily Injury per person $25,000
- Property Damage per accident $25,000
- Bodily Injury per accident $50,000
Uninsured/Underinsured Motorist:
- Bodily Injury per person $25,000
- Bodily Injury per accident $50,000
In the U.S. most states have almost the same requirements. Hence, the state of Connecticut is like other states in the U.S. Here, in this article, we will provide you with various options available in Connecticut when it comes to finding the best car insurance companies. You could then choose one of these.
Factors that impact Car Insurance in Connecticut
The car insurance cost differs within Connecticut. In New Haven, Connecticut you will find it to be very expensive while it is the cheapest in New London, Connecticut. Also, the cost of your car insurance not only depends on your location but on many other things. A few of the main deciding factors are your age, model and make of your car, safety features, and car alarms, the coverage amount purchased by you and how many vehicles have been insured by you, etc.
Another important factor that plays a major role in calculating your car insurance cost is your driving record. This along with prior liability limits and your age decide your insurance rate. Hence, you and your neighbor may never have the same auto insurance quotes despite you both applying for it in the same state of Connecticut at the same time. You both will get different quotes. This is the reason why it is good to check for insurance quotes from different insurance companies.
For car insurance, there are 6 coverage options. These are auto liability coverage, uninsured and underinsured motorist coverage, collision coverage, personal injury protection, medical payments coverage, and comprehensive coverage. The insurance rates depend on what coverage you want to have and what coverage is mandatory in Connecticut. The more the number of coverage options you choose, the more the liability your insurance company will have to bear. Hence, your premium for your auto insurance will be high in this case.
Approach reputed car insurers only. Once you have decided who your insurer will be, do check their NAIC (national association of insurance commissioners) ratings. This is crucial because the ratings of the NAIC are unbiased. They serve as a very good tool in choosing the right insurer for you. Angry unhappy car owners may sometimes write reviews online against various insurance companies. And happy customers may rarely leave a review. Hence reading the ratings given by the NAIC is more crucial than reading reviews online.
