moneyreallymatters.com

As they say picture speaks more than thousand words. I love infographics and easy to read and understand. This one which I came across again from mymoneyblog.com was interesting and surprising as well. I saw Texas being ranked No.3 on the list with the highest paying car insurance state even for low coverage.

Here is couple of snippet from the article,

First off, it’s obvious that minimum coverage costs less than full coverage, but there are some states where the difference is relatively small. For example, take a look at North Carolina, where full coverage goes for $1,027 but minimum coverage is only $527, so you’re only saving $500 for a lot less coverage. Compare that to Louisiana, where the difference is $1,794. It seems like insurance companies believe driving in Louisiana is much more dangerous than in North Carolina. And if it doesn’t cost that much more for full coverage, then you may as well get it and protect yourself and your family.

There are two ways to think about paying for car insurance in the US: the amount it takes to get the minimum level of insurance required by your state (liability coverage), and the amount to get full coverage (liability, collision, and comprehensive). Nerdwallet crunched the numbers behind our latest visualization to find out the average cost of insurance in each state, which we plotted in an intuitive visualization. It turns out that insurance rates vary dramatically by state, even though there isn’t an obvious explanation why.

To read the full article, go to https://howmuch.net/articles/minimum-and-full-coverage-car-insurance