February 8, 2018 – Maine Government News | Maine.gov
Professional & Financial Regulation – Insurance
“Thanks to a competitive market, Maine consumers are paying less for auto and home insurance than consumers in nearly every other state,” Insurance Superintendent Eric Cioppa stated.
For the fifth consecutive year, Maine ranked 3rd nationally for lowest average auto insurance premiums, and for the third year in a row the state ranked 10th nationally for lowest average homeowners premiums, according to recently released reports by the National Association of Insurance Commissioners (NAIC). Maine continues to have the lowest average homeowners premiums in New England.
The NAIC’s Auto Insurance Database Report provides the average costs associated with personal automobile insurance and includes state-by-state auto insurance data and analysis for insurance regulators, consumers and lawmakers. The types of auto insurance coverage included in the report are bodily injury and property damage liability, uninsured and underinsured motorist, medical payment, collision, and comprehensive.
The NAIC’s Homeowners Insurance Report provides data on market distribution and average cost by policy form and amount of insurance. Data is collected from insurance statistical agents or reported directly to the NAIC and includes national and state-specific premium and exposure information for homeowners policies, as well as non-commercial dwelling fire insurance policies.
“Maine has coverage requirements that exceed those in most other states, yet Maine continues to have consistently low average auto premiums,” Superintendent Cioppa said.
According to the Insurance Research Council, Maine also now has the lowest percentage of uninsured motorists, at 4.5% (followed by New York at 6.1% and Massachusetts at 6.2%). More information is available from the NAIC (www.naic.org). Maine consumers and business owners with questions about auto, home, business or other lines of insurance are encouraged to visit the Bureau of Insurance website at maine.gov/insurance or call 800-300-5000, or email Insurance.PFR@maine.gov.
The Bureau of Insurance is part of the Department of Professional and Financial Regulation, which encourages sound business practices through oversight of insurers, financial institutions, creditors, investment providers, and numerous occupations.