Insurance premiums are increasing all over the country, but in the Midwest they’re rising more than anywhere else.
It’s because of a booming car industry.
The average annual cost of a single-vehicle policy in the state of Iowa is $11,857, according to the Insurance Information Institute.
The average rate for the next highest-cost state is $14,000.
The highest cost in the nation is in New York, where a policy costs $18,500.
In Iowa, more than 70 percent of people have a policy.
Iowa State Patrol says that the average insurance rate in Iowa is about 4.4 percent.
That’s higher than the national average of 3.9 percent.
But the increase in premiums is the result of a combination of factors, including rising costs and the state’s economic downturn, according the Insurance Institute for Highway Safety.
Many of the policies are purchased to pay for repairs to vehicles that were damaged in the storm, said Steve Smith, a senior research analyst for the institute.
The cost of those repairs is now much higher than they were a year ago.
In other words, a lot of the insurance companies are making the decision to increase premiums because of their high profits.
The rate increases are being driven by a number of factors.
A rise in costs has led to more people choosing to purchase a policy, as well as more people looking for insurance policies to cover the same amount of damage.
In addition, the average age of drivers in Iowa has increased.
The median age for drivers in the U.S. has risen from 35 to 38 years old.