Auto insurance rates are governed by several factors, the most important of which are your driving record, the state and city you live in, and your personal profile. In the United States, insurance rates vary from state to state due to differing auto insurance regulations. For example, Maine, Idaho, Iowa, and North Carolina are states where drivers pay less for auto insurance. On the other hand, states such as Louisiana, Michigan, Georgia, and Oklahoma are states where auto insurance rates are significantly higher than the national average.
Oregon is one of the states where the average insurance rates are affordable, and below the national average rates. With an annual average insurance rate of $1387, Oregon is the 21st on the list of states with low insurance rates. However, Albany has an average insurance rate of $900, which is considerably below the state average.
Drivers in Albany pay just 1% more than drivers in Corvallis, but 18% less than the drivers in Portland. Though auto insurance rates are low in Albany, the city has witnessed a Compound Annual Growth rate (CAGR) of 125% since 2009. The average rates in Albany were $400 in 2009. This increase is despite a 19% reduction in the theft rate in 2012.
Car theft is generally covered by optional comprehensive coverage on the insurance policy.
The average comprehensive coverage rate in Albany is $135, well below the Oregon average comprehensive rate of $210. As far as car accidents are concerned, the average collision insurance rate in Albany ($135) is also below the Oregon state average collision insurance rate of $448.
The Mercedes CL65 AMG has the highest insurance premium of $3800 in Albany. On the other hand, the Ford Explorer has the lowest insurance rate at $600. The Lincoln Navigator L is the car with average insurance rate of $1300, which is the median rate.