Despite Maine’s low insurance costs, here’s why North Carolina is a better place to buy a Toyota Corolla in the East Coast, and Georgia, the worst

Maine has the reputation of being the state with the lowest insurance premiums in the country. A large rural footprint, which results in minimal city driving, and a strict licensing program, which restricts young drivers, contribute to keeping insurance costs low. So, if you are in the market to buy a Toyota Corolla, and you are probably thinking that the Mainers have it good, think again. It may not be that 'wicked' after all.

Let’s consider another state in the East Coast – North Carolina.  The old north state is about fifty percent bigger than Maine, with twice the number of crimes per thousand, and a larger urban area. Some of these factors contribute to pushing the insurance costs by about two percentage points.

However, if you were to buy a Toyota Corolla Down East and run it for seven years, your costs would be around $21,632, taking into consideration the price of the car and annual insurance for seven years. For the same calculation, North Carolinians would shell about $20,133. This is simply because you pay roughly $2563 less for a Toyota Corolla in Raleigh than in Augusta. You can also take into account that gas is about 30 cents cheaper per gallon in North Carolina as compared to Georgia saving you significant money in the long run.

But the Mainers have it better than the rest of the states on the East Coast. For instance, if you were to buy the Toyota Corolla in Georgia and going by the above calculation, you would end up spending $27,884. This is because the state has among the highest insurance percentage points and a high state tax in the East Coast.