With the lowest gas prices the U.S. has seen in six years and favorable interest rates driving auto sales that are expected to break records in 2015, WalletHub conducted an in-depth analysis of 2015’s Most and Least Risky States for Drivers’ Wallets.
What kind of financial risks do drivers take when they take to the road?
To find out, WalletHub ranked the 50 states and the District of Columbia in terms of several risk factors.
• First, the minimum coverage requirements for the mandatory forms of auto insurance in each state was analyzed.
• Next, each state was examined for the percentages of uninsured drivers.
• Finally, we summed together the scores from each category to determine an overall “riskiness” ranking for our sample.
Most Risky State for Drivers’ Wallets:
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.
Least Risky State for Drivers’ Wallets:
Maine, on the other hand, 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. Only an estimated 4.7 percent of drivers are uninsured.
Surprisingly WalletHub found no correlation between a state’s liability insurance requirements and the percentage of drivers lacking insurance in that state.
To read the full report and to see where your state ranks, please visit wallethub.com.
