Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 19, 2021

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Massachusetts was once again home to the most affordable car insurance in the nation, according to the 2011 Car Insurance Affordability Index released this week by InsWeb.

The Bay State took those honors last year as well…but why?

Well, a state’s so-called affordability factor is determined by dividing its median household car insurance rate by its median household income.

And the lower the factor, the less an average family in the state typically spends on car insurance relative to its budget.

So it probably means there are more well-to-do drivers in Massachusetts, coupled with the fact that insurance is also cheap there relative to other states.

Perhaps there are fewer teenage drivers in the households as well.

The dynamics of a state also come into play, such as state insurance laws, traffic, weather, and the number of uninsured motorists.

In Louisiana, for example, their judicial system generally favors drivers, which raises costs for insurance companies and related insurance premiums.

That, coupled with other factors, possibly lower median household income, explains why the Pelican State has the least affordable car insurance in the nation.

Most Affordable Car Insurance by State:

most affordable

Least Affordable Car Insurance by State:

least affordable

Tip: How can I lower my car insurance rate?