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Philadelphia  Car Insurance

Philadelphia Car Insurance


Philadelphia car insurance rates

Philadelphia cheese steakTwo major factors drive up car insurance costs in Philadelphia. The Insurance Information Institute points out that underwriting -- the process of pricing insurance policies -- is partly based on neighborhood crime rates. Data available from CityRating show that overall property crime in Philadelphia, including car theft, is nearly twice the national average. (Every ZIP code in Philadelphia is mapped out with comparable car insurance rates below.)

The second factor is the high number of uninsured drivers in the city. At least 27 percent of traffic accidents reported to police in 2012 involved uninsured drivers, despite Pennsylvania's mandatory insurance laws.

Philadelphians pay some of the highest auto insurance rates in the United States, and tops for Pennsylvania. Right now a policy in the City of Brotherly Love costs triple what the same coverage does in other parts of the state. But whatever part of Philadelphia you call home, you should comparison shop for insurance. Every car insurance company does its own math, and the difference between them could be measured in hundreds of dollars a year -- and in Philly, maybe thousands.

Our Pennsylvania car insurance profile page sketches out the insurance scene for Pennsylvania drivers.


Why Philadelphia car insurance rates are so high

Researchers Eric Smith and Randall Wright, writing in the American Economic Review, point out that underwriting criteria and Philadelphia residents' demographics combine to keep auto insurance rates high. Insurance actuaries use consumer credit ratings and education and income levels to help decide premiums. Low-income drivers living in high-density neighborhoods pay more for their auto insurance. According to a recent Census, just 18 percent of Philadelphia residents have college degrees and only 56 percent are employed.

Philadelphia Car Insurance by ZIP Code

To learn more about the most and least expensive cities for car insurance, click the link below.
Priciest Neighborhoods
In Pennsylvania
  • 19133: $2,818
    PHILADELPHIA
  • 19139: $2,814
    PHILADELPHIA
  • 19142: $2,790
    PHILADELPHIA
  • 19122: $2,756
    PHILADELPHIA
 
Cheapest Neighborhoods
In Pennsylvania
  • 16823: $865
    BELLEFONTE
  • 16827: $870
    COLLEGE
  • 16844: $870
    PATTON
  • 17266: $871
    COOKE


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Philadelphia car insurance requirements

Pennsylvania state law requires the following minimum car insurance coverage:
Minimum bodily injury liability $15,000/$30,000
Minimum property damage liability $5,000
First party benefits (medical) $5,000