The 2011 Car Affordability Index was released today with Massachusetts keeping its crown as the most affordable state in which to insure a vehicle. The Index was released by InsWeb, a leading online insurance comparison provider.
To compile the list of the top 10 and the worst 10, InsWeb ranked all 50 states and Washington, D.C. according to their affordability factors. InsWeb determined a state’s affordability by dividing its median household car insurance rate by its median household income. The lower the affordability factor, the less a typical family in that state tends to spend on car insurance relative to its budget.
This is the second year in a row that Massachusetts has been named the most affordable state. See who else made the grade:
- North Carolina
On the other end of the spectrum the 10 least affordable states are:
- Washington, D.C.
- West Virginia
- Rhode Island
- New York