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Connecticut’s auto insurance trends from 1989 to 2010

A November 2013 study by the Consumer Federation of America analyzed insurance trends in the 21 years from 1989 to 2010. This study found that states that had strong insurance regulation had greater success in keeping insurance expenditure lower. Connecticut is a case in point, and here’s why.

If you lived in Connecticut back in 1989, you could expect to pay, on average, $740.02 annually for auto insurance. As of 2010, that number had increased to $965.22 representing a rise of 30.4 percent. To put that in perspective, the countrywide average went up by 43.3 percent to $791.22 in the same 21 year period. This means that the premiums in Connecticut rose at a slower rate than they did in the rest of the country. In fact, Connecticut went from being the 4th most expensive state to buy auto insurance to the 8th most expensive, a significant achievement.

Connecticut’s Prior Approval (PA) system has played a big part in keeping rates relatively low. The PA system compels insurers to file any changes in the premium rate so that they can be approved by the state. The new rate can only be applied after approval. Many states use less stringent measures of rate control and some, none at all. The study found the states using a PA system like Connecticut had the most success in the keeping rates low.

Furthermore, Connecticut is a highly competitive auto insurance market. It earned a Herfindahl–Hirschman Index (HHI) score of 702 (any score under 1000 is considered competitive) in the National Association of Insurance Commissioners report of 2012. In fact, Maine and Vermont were the only states to receive a better score. All of this means that conditions are ripe in Connecticut for stronger insurance legislation to be put in place. Pioneering insurance regulation in California has seen rates go down (by 0.3%) over the 21 years. California is the only state to achieve a decrease in insurance expenditure and it has done so with the aid of strong regulation.

Connecticut Auto Insurance Rates

Below are the minimum, average and maximum insurance rate estimates for neighbourhoods in and around Connecticut, CT.

Lowest Rate:$1,100
Average Rate:$1,700
Highest Rate:$3,500

Recent Savings From Top Providers in Connecticut

Rank Customer Zipcode Amount Saved
1 6067 $343
2 6001 $336
3 6002 $334
4 6010 $332

Compare Auto Insurance Companies in Connecticut

Company A.M Best Rating on
Financial Strength
Year Founded
Progressive A+ 1937
State Farm A++ 1922
Allstate A+ 1931
GEICO A++ 1936
Nationwide A+ 1925
Liberty Mutual A 1912

Connecticut Auto Insurance Requirements

Minimum limits of liability for auto insurance in Connecticut as per CT State Laws

Bodily Injury Liability

  • $20,000 for death/injury of any one person, per accident.
  • $40,000 for all persons per accident.

Property Damage Liability

  • $10,000 per accident.

Connecticut Car Insurance Average Rates by Make

In addition to the location, one key factor that contributes to the insurance rates in Connecticut is the vehicle's make and model. Especially the vehicle's theft rates in Connecticut

MakeInsurance Average PremiumView Details
MakeInsurance Average PremiumView Details

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Latest Auto Insurance Reviews in Connecticut

Nationwide

$116 per month

Right now I pay around $116 per month for my car insurance which is insured with Nationwide. I have a basic liability plan for my 2002 Mitsubishi Eclipse and it's currently the only car that insured with Nationwide. As a twenty four year old male living in Middletown, New York, I am quite pleased with this pricing even more so because I am a single guy. I chose basic liability because of cost restraints and it works fine. My driving record isn't perfect because I have had one accident and one speeding ticket, but with a couple of defensive driving classes it helped reduced my prices. The folks over at Macri Isola Catherine Ins Agency helps a lot with my policy details and explaining all the perks that come with it. I do wish they were open longer on the weekends though. As of now, I don't drive my car not too often and only to and from local places so it evens out with gas prices. Nationwide is my current and only car insurance I've ever had and I am very satisfied with it so far. I would give it a 4 our of 5.