PROVIDENCE, R.I. (WPRI) — A new study says the city or town where you live in Rhode Island could have a huge impact on your car insurance rates.
According to new data, Providence is the most expensive place to insure a vehicle in the Ocean State. The least expensive municipality is Newport. On average, the difference between the two is more than $1,000.
“Rhode Island was on a pretty big swing, over 1,000 range,” said Craig Casazza of ValuePenguin. “It’s surprising because it is such a small state.”
Casazza is the author of the study. Call 12 For Action spoke with him over Skype recently – and he said ValuePenguin collected quotes from 27 cities and towns in the state to fuel its results.
Their fictional driver was a 30-year-old man with good credit and a clean driving record who drove a 2011 Toyota Camry. The only thing that changed was the zip code where the driver hypothetically lived.
In Newport, the average cost for yearly insurance was $1,442. The second most affordable place was Jamestown at $1,462 per year.
Providence was the most expensive with an average of $2,506. North Providence was the second priciest in the state at $2,338 per year.
“You’re not going to pack up and move to save a couple thousand bucks every year,” Casazza said. “The biggest take away is just to identify where you’re at, where you are in Rhode Island and say, ‘am I paying way more than this?’ If you are, there’s probably steps you can take to lessen that bill.”
According to Casazza, RI drivers should shop around for the best insurance rates.
“There’s a big, competitive market and these companies are trying to get your business so you can compare quotes from all of them until you get the best one,” he said.
Rhode Island’s state average for yearly auto insurance for the driver quoted in the study is $1,751.For more information and to read the study, click here.