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57.3% rise in costs threatens Idaho’s low insurance rates

Regulatory systems that allowed the most unregulated activity produced the lease competitive markets, as per a December 2013 study by the Consumer Federation of America. The study examined insurance trends across the country from 1989 to 2010. Whereas the auto insurance expenditure had risen by 43.3 percent across the country in the 21 years, costs in Idaho had gone up by 57.3 percent.

Despite a high rate of growth, insurance costs in Idaho were still lower than the countrywide average as of 2010. In 1989, the average expenditure on auto expenditure in Idaho was $348.31 while the countrywide average stood at $551.95. In 2010, the average costs in Idaho ($547.78) were still lower the countrywide average ($791.22). In fact, rates were low enough for Idaho to go from being ranked the 44th most expensive to the 48th most expensive state in terms of auto insurance expenditure from 1989 to 2010. In order words, Idaho is still one of the cheapest states, on average, to buy auto insurance.

However, with a high growth rate of 57.3 percent in auto insurance costs, the gap is bound to close faster. Idaho’s auto insurance regulations are not as strong as those in states that achieved more success in keeping the rise in costs at a lower rate. California showed a decrease of 0.3 percent in auto insurance expenditure between 1989 and 2010 making it the only state to show a downward movement of costs. California’s success is largely due to its pioneering and strong auto insurance regulation, as per the study. If Idaho were to follow California’s example and put in place strong regulations it can help insurance costs remain at a low level. Putting in place a Prior Approval regulatory system, which requires insurers to obtain approval from the state for rates changes before being implemented in the market, is one of the best ways to counter a rapid rise in insurance costs.

Idaho Auto Insurance Rates

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

Lowest Rate:$800
Average Rate:$1,000
Highest Rate:$1,400

Recent Savings From Top Providers in Idaho

Rank Customer Zipcode Amount Saved
1 83631 $310
2 83200 $303
3 83120 $301
4 83100 $299

Compare Auto Insurance Companies in Idaho

Company A.M Best Rating on
Financial Strength
Year Founded
Progressive A+ 1937
State Farm A++ 1922
Allstate A+ 1931
GEICO A++ 1936
Farmers A 1928
American Family A 1927

Idaho Auto Insurance Requirements

Minimum limits of liability for auto insurance in Idaho as per ID State Laws

Bodily Injury Liability

  • $25,000 for death/injury of any one person, per accident.
  • $50,000 for all persons per accident.

Property Damage Liability

  • $15,000 per accident.

Idaho Car Insurance Average Rates by Make

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

MakeInsurance Average PremiumView Details
MakeInsurance Average PremiumView Details

Related Links for Auto Insurance Alabama

  • Avg Rates in Idaho's Top Cities