Study on the Affordability of Personal Automobile Insurance
Table of Contents
Glossary .......................................................................................................................................... ii
I. Introduction and Summary of Findings .............................................................................. 1
II. Why Personal Auto Insurance?........................................................................................... 3
III. Auto Insurance and State Requirements – the Basics......................................................... 4
IV. Auto Insurance Availability and Uninsured Drivers .......................................................... 6
Figure 1: Number of Personal Auto Insurers in Each State.................................................... 6
Figure 2: Percentage of Uninsured Drivers by State .............................................................. 7
V. Factors Affecting Affordability .......................................................................................... 7
VI. Calculating the Affordability Index .................................................................................... 8
A. Who Are Affected Persons?................................................................................................ 8
Figure 3: Concentration of Affected Persons as Percentage of U.S. Population .................... 9
B. Defining Affordability ........................................................................................................ 9
C. How to Calculate the Affordability Index ........................................................................ 10
D. Data Sources and Limitations ........................................................................................... 10
VII. The Affordability of Personal Auto Insurance for Affected Persons:
Findings and Observations................................................................................................ 11
A. Findings and Summary of Analysis .................................................................................. 11
Figure 4: AP ZIP Codes and Affordability Index Values Above Two Percent by State ...... 12
Figure 5: Financial Responsibility Limits, Based on Median Family Income ..................... 13
Figure 6: Financial Responsibility Limits, Based on Minority Concentration ..................... 14
B. Illustrations ....................................................................................................................... 14
1. California .................................................................................................................... 14
Figure 7: California ZIP Code Analysis ............................................................................... 15
2. Florida......................................................................................................................... 15
Figure 8: Florida ZIP Code Analysis .................................................................................... 16
3. Illinois ......................................................................................................................... 16
Figure 9: Illinois ZIP Code Analysis .................................................................................... 17
4. New York ................................................................................................................... 17
Figure 10: New York ZIP Code Analysis ............................................................................. 18
VIII. Next Steps ......................................................................................................................... 19
IX. Conclusion ........................................................................................................................ 19
Glossary .......................................................................................................................................... ii
I. Introduction and Summary of Findings .............................................................................. 1
II. Why Personal Auto Insurance?........................................................................................... 3
III. Auto Insurance and State Requirements – the Basics......................................................... 4
IV. Auto Insurance Availability and Uninsured Drivers .......................................................... 6
Figure 1: Number of Personal Auto Insurers in Each State.................................................... 6
Figure 2: Percentage of Uninsured Drivers by State .............................................................. 7
V. Factors Affecting Affordability .......................................................................................... 7
VI. Calculating the Affordability Index .................................................................................... 8
A. Who Are Affected Persons?................................................................................................ 8
Figure 3: Concentration of Affected Persons as Percentage of U.S. Population .................... 9
B. Defining Affordability ........................................................................................................ 9
C. How to Calculate the Affordability Index ........................................................................ 10
D. Data Sources and Limitations ........................................................................................... 10
VII. The Affordability of Personal Auto Insurance for Affected Persons:
Findings and Observations................................................................................................ 11
A. Findings and Summary of Analysis .................................................................................. 11
Figure 4: AP ZIP Codes and Affordability Index Values Above Two Percent by State ...... 12
Figure 5: Financial Responsibility Limits, Based on Median Family Income ..................... 13
Figure 6: Financial Responsibility Limits, Based on Minority Concentration ..................... 14
B. Illustrations ....................................................................................................................... 14
1. California .................................................................................................................... 14
Figure 7: California ZIP Code Analysis ............................................................................... 15
2. Florida......................................................................................................................... 15
Figure 8: Florida ZIP Code Analysis .................................................................................... 16
3. Illinois ......................................................................................................................... 16
Figure 9: Illinois ZIP Code Analysis .................................................................................... 17
4. New York ................................................................................................................... 17
Figure 10: New York ZIP Code Analysis ............................................................................. 18
VIII. Next Steps ......................................................................................................................... 19
IX. Conclusion ........................................................................................................................ 19
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