If you live in Santa Monica, a 15-minute phone call might not save you 15 percent or more on car insurance with one provider. Heck, you might not be able to generate even more saving in half the time as another provider promises. In fact, one report published this week stated pretty much anyone living in Santa Monica and driving a vehicle pays among the highest insurance rates in the State.
A WalletHub report published Tuesday, April 8 found Santa Monica ranked 97th out of California’s 100 largest cities in terms of affordable auto insurance. With insurance rates 29.19 percent higher than the state average, Santa Monica residents ranked the fourth most-expensive city.
Specifically, WalletHub reported Santa Monicans pay, on average, $1,637.31 annually for auto insurance.
Only Inglewood, Los Angeles, and Glendale finished lower than Santa Monica among the 100 largest California cities.
The City of Santa Maria had the lowest insurance premium rates in the state, with its residents paying $997.47 annually, on average. The cities of Simi Valley and Antioch were right at the median insurance premium rate of about $1,265 annually.
WalletHub determined the insurance premium rates for the 100 largest cities based upon a “base case.”
The base case is a female driver with zero accidents and no traffic violations within the past five years. Her annual mileage is 16,000 miles and is 37 years of age. She lives in Oakley, CA, was licensed at age 21, is a single unemployed female, and drives a 2008 Honda Accord sedan with a four-cylinder engine.
Oddly, though she is unemployed, the base case drives 20 miles each way to work, five days per week.
What the base case driver has on her insurance policy includes $50,000 coverage for injury/death to one person, $100,000 for injury/death to more than one person and $50,000 for damage to property, medical coverage of $1,000, coverage for collision with uninsured motorist of $30,000, collision with underinsured motorist of $60,000, $1,000 collateral coverage, and $1,000 comprehensive coverage.
While Santa Monica ranked fourth highest among the 100 largest cities in the State, the County of Los Angeles was home to the most expensive auto insurance premiums in California.
Auto insurance rates in Los Angeles County are $1,584.61 annually, the highest among California’s 58 counties.
WalletHub released some other facts in its report. For example, a 16 year old pays 215 percent more for auto insurance than a 37 year old.
The more you drive, the more you pay. Specifically, driving 20,000 miles or more annually means you pay 32 percent more than someone who keeps his or her mileage less than 6,000 in a 12-month period.
Expect your auto insurance premiums to double if you are charged with driving at least 20 miles more than the posted speed limit.
Similarly, being involved with two auto collisions within two years could translate into a 140 percent jump in insurance rates.
Interestingly enough, men pay about 0.77 percent less than women do, on average, for auto insurance.
According to WalletHub’s report, there are about 22 million registered drivers in California, with more than 15,000 miles of highway within the State.
The California Highway Patrol reported 161,743 traffic collisions resulting in injury or fatality in 2011, translating into an accident or incident every 3 minutes and 15 seconds.
For the complete report, visit the WalletHub website at wallethub.com/edu/california-car-insurance-report/2782.
