Hawaii ranked 3rd cheapest for car insurance - Hawaii News Now - KGMB and KHNL

Hawaii ranked 3rd cheapest for car insurance

HONOLULU (AP) - An online car insurance shopping site ranks Hawaii as having the third cheapest rates in the nation.
    
According to CarInsuranceQuotes.com, motorists in the Aloha State pay a median annual car insurance policy cost of $1,244. That's 1.634 percent of household income.
    
The cheapest on the list was in Massachusetts, where policyholders pay just 1.434 percent of household income.  Michigan tops the list, where 8 percent of median household income goes toward car insurance, or a median annual price of more than $4,000.
    
The Honolulu Star-Advertiser reported Tuesday state of Hawaii Insurance Commissioner Gordon Ito attributes the positive ranking to several factors including a reduction in accidents and a highly competitive motor vehicle insurance market in Hawaii.

Copyright 2012 The Associated Press. All rights reserved.

Powered by Frankly