A nationwide study released Monday by Bankrate's CarInsuranceQuotes.com reveals that Maine car insurance costs are among the lowest in nation.
As reported by the Bangor Daily News, the average Maine household pays just under 2% of its annual income for car insurance, according to the study, placing it 42nd among all states and the District of Columbia. The newspaper reported that Michigan, at 8% of annual median household income, pays the most for car insurance. Louisiana (5.55%) is next, followed by Kentucky (4.54%) and West Virginia (4.24%).
Some of the lowest percentages of annual income devoted to car insurance were in New England, with Massachusetts (1.434%) the lowest at No. 51, New Hampshire (1.988%) at No. 45 and Maine (1.993%).
The Bankrate report noted that variables affecting the ranking include the costs of car repair and medical care, the amount of insurance fraud taking place, the number of uninsured drivers on the roads and the number of people living in densely populated areas.
BDN also reported another study, by CarMD.com, which found that Maine has the second-lowest car repair costs in the nation when it comes to vehicle problems associated with the "check engine" light, with a cost that was 13% below the national average.