Some places in Mass. are way more expensive than others for car insurance
Turns out, your driving record and years of experience aren’t the only factors that determine what you pay for car insurance.
A new survey by personal finance website NerdWallet found that location also plays a huge role, with drivers in areas with high population and traffic density, and higher rates of car thefts, facing higher insurance premiums. In Massachusetts, Chelsea took the number one spot for most expensive with an average insurance premium of $1,875.25 per year, while Nantucket residents enjoy some of the cheapest insurance rates with an average premium of $827.50.
NerdWallet Analyst Jeff Chu told Boston.com he found some of the results surprising. “Depending where you live in Massachusetts, you could be paying more than $1,000 more than others in Mass.,’’ Chu said. “It’s a huge disparity.’’
Chu said that Chelsea took the top seat because of its high population density and above-average rate of car thefts, with 4.98 thefts per 1,000 people. This number is far higher than the state average of 1.44 car thefts per 1,000 residents, he said.
Nantucket has a total population of just 10,856, compared to Chelsea’s 15,901.6 people per square mile (nearly twice the state average). Fewer people means car accidents are less likely.
NerdWallet determined the average insurance premiums by surveying cities and towns with over 6,000 people.
Here are the 10 most expensive places for car insurance in Massachusetts, according to NerdWallet’s analysis of average insurance premiums:
1. Chelsea: $1,875.25
2. Swampscott: $1,724.17
3. Saugus: $1,724.17
4. Randolph: $1,650.33
5. Brockton: $1,593.88
6. Springfield: $1,587.75
7. Lynn: $1,511.50
8. Everett: $1,448.38
9. Malden: $1,448.13
10. Medford: $1,448.13
Here are the 10 least expensive places for car insurance in Massachusetts, according to NerdWallet’s analysis of average insurance premiums:
1. Nantucket: $827.50
2. Greenfield: $827.50
3. Maynard: $839.08
4. Northborough: $839.08
5. West Concord: $839.08
6. Medfield: $839.08
7. Wellesley: $886.92
8. Newburyport: $886.92
9. Franklin: $886.92
10. Arlington: $896.75
Chu has some recommendations for drivers looking to save on their car insurance without moving from their location. “A lot of insurance companies will charge different amounts for the same coverage, so shopping around can definitely help you find a good plan.’’
The car you drive can also impact your insurance premium, so Chu recommends asking your insurance carrier which cars are cheapest. We did some of the legwork.
How much it costs to insure best-selling cars, from most to least expensive:
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