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.
