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Which states are the riskiest financially for drivers?

Accident Trailer 1 IMG_6085With the lowest gas prices in six years and favorable interest rates likely to drive auto sales up significantly in 2015, WalletHub, a personal finance website, offers a report on “2015's Most and Least Risky States for Drivers’ Wallets.”

What kind of financial risks do drivers take when they take to the road?

WalletHub ranked 50 states and the District of Columbia on several risk factors. It analyzed the minimum coverage requirements for the mandatory forms of auto insurance in each state, examined their percentages of uninsured drivers, and added the scores from each category to determine an overall “riskiness” ranking.

Least risky states for drivers’ wallets

    1. Maine

    2. North Dakota

    3. New York

T-4. Maryland

T-4. New Hampshire

    6. Utah

T-7. Massachusetts

T-7. Oregon

    9. South Carolina

T-10. Alaska

T-10. Kansas

T-10. Minnesota

Riskiest states for drivers’ wallets

T-42. Nevada

T-42. Washington

T-44. Alabama

T-44. Michigan

    46. Tennessee

T-47. California

T-47. Mississippi

    49. New Mexico

    50. Oklahoma

    51. Florida

Findings from the report

  • Florida is the state where you least want to have an accident. Insurance requirements there are lower than most states, and an estimated 23.8 percent of Florida drivers ignore the rules and have no insurance at all.

  • Maine ranks as the least risky state. In addition to mandating $50,000/$100,000/$25,000 liability insurance, Maine requires drivers to carry medical payments and uninsured motorist protection. An estimated 4.7 percent of drivers are uninsured.

  • Massachusetts has the fewest uninsured drivers, an estimated 3.9 percent. Oklahoma has the most: an estimated 25.9 percent of drivers are on the road without insurance.
 
  • WalletHub found no correlation between a state’s liability insurance requirements and the percentage of drivers lacking insurance in that state.

To read the report and to see where your state ranks, visit:

http://wallethub.com/edu/most-and-least-risky-states-for-drivers-wallets/9446/.

Copyright 2015, Rita R. Robison, Consumer Specialist

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