Ilyce Glink's BlogWelcome to Ilyce Glink's blog! Here you'll find Ilyce's latest insights on personal finance advice, real estate advice and consumer issues. Come back often for timely and interesting posts on a wide variety of topics. Thursday, April 24, 2008 California Tops List for Fewer Auto Insurance Rate Increases
Aside from the great weather in southern California, residents are sitting pretty because they probably get a good deal on car insurance. The Consumer Federation of America today released the results of an auto insurance study that found states with more regulation of the industry save consumers money. Fifteen states require auto insurers to submit rate increases to them for approval before putting them in effect. Among those, California did the best job of saving drivers money. From 1989 to 2005 rates increased only 12.9 percent, which beats the next lowest, New Jersey by almost 8 percent. States whose rates were the highest included Hawaii, DC, Connecticut, New Hampshire and Vermont. The study attributes the cost savings to state regulation and says that states where regulation is lacking, where consumers rely on a more free market system, they pay more. To see the full study go here: Labels: auto, California, Cars, Hawaii, insurance
posted by Melanie G. Rogers at 2:47 PM
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Wednesday, February 06, 2008 Budget Extra If You Own a Car in These 5 States
Edmunds.com, an auto Web site where you can figure out how much your car's worth, just announced which states cost owners the most and least to own a car. The company tracked costs including depreciation, financing, taxes, insurance, fuel and maintenance, then added them all up. Hawaii ranks as the most expensive U.S. state for car ownership. After all's said and done, the true cost to own a car is $59, 457 over five years. California came in second because it costs $59,347 there. Alaska, Nevada and West Virginia rounded out the top five. New Hampshire wins for being the cheapest state in the Union to own a car. After five years, those in the Live Free or Die state will have spent $47,499. That's on top of no state sales tax or state income tax. Maybe the tradeoff is the weather? South Dakota, South Carolina, Oregon and Wisconsin were the other four cheapest places to own a car. Note the survey assumed that car owners financed their new cars for five years. It also assumed 15,000 miles per year and does not include leases. So next time you're out car shopping, don't forget to add in all the extra costs beyond the sticker price. They can really add up. Melanie G. Rogers ThinkGlink.com Labels: California, Cars, Edmunds, Hawaii, New Hampshire
posted by Ilyce Glink at 4:38 PM
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