Inflation is driving up car insurance rates, but rates in the D.C. area appear to be more affordable than the rest of the country.
A new report from Bankrate, a financial services company, found that Virginia is the sixth-cheapest state for car insurance and Maryland is 17th.
Including the District, the region’s metro area is the third cheapest place to insure a car in the nation based on local incomes and other factors.
The survey finds that the average annual premium for car insurance in metro D.C. is $1,711, which is $300 below the national average.
Rates are up about a $100 for a policy in Virginia this year, and $40 in Maryland. The average annual premium in Virginia is $1,439, and $1,971 in Maryland.
But inflation isn’t the only thing driving up your rates. There is also the car you drive, your driving record and teenagers on your policy, Bankrate said.
See the full report on the Bankrate website.
