life insurance, auto insurance, health insurance, home insurance

The Cost of Owning a Vehicle: The nation's highest and lowest auto insurance, gas, and parking

"Oh, if only I had more time, more money, and more hair!" lamented Milton (not his real name), a middle-aged CPA, his new roadster stuck in traffic. He had the top down, and because traffic was at a standstill, the heat and fumes generated from the highway full of idling cars was unbearable: "Here I am, living in the Motor City of all places, and I am spending more on auto insurance than I would be in any other city in the nation." Then he thought (as no doubt many Michigan drivers do), "Why, I could be living in Roanoke, VA, where on average, drivers pay $4,404 less per year than I do." He mused on how the savings would be enough to pay for the hair transplants he wanted.

Five most expensive cities for auto insurance

1. Detroit, MI: $5,162
2. Philadelphia, PA: $4,142
3. Newark, NJ: $3,482
4. Los Angeles, CA: $3,225
5. New York City, NY: $3,127

Five least expensive cities for auto insurance

1. Roanoke, VA: $758
2. Wapakoneta, OH: $871
3. Chattanooga, TN: $911
4. Green Bay, WI: $948
5. Raleigh, NC: $949

Fill up the tank - empty out the pocket
If our driver had added in the cost of gas, he might have broken down completely. Michigan`s gas prices are somewhere near average, but with gasoline prices nationwide around 25% higher than a year ago, that`s not much to celebrate.

Five most expensive states for gasoline

1. California: $2.641
2. Nevada: $2.533
3. Hawaii: $2.540
4. Washington: $2.493
5. Oregon: $2.482

Five least expensive states for gasoline

1. Minnesota: $2.043
2. New Jersey: $2.064
3. Oklahoma: $2.066
4. Missouri: $2.075
5. Ohio: $2.123

Are things really that bad?
It depends how you look at it. When the average annual cost of car insurance is over $5,000, the cost of premiums is a significant portion of most families` household budget. What is worth celebrating is the fact that in spite of the higher prices, Americans can still indulge their addiction to overpowered, fuel-guzzling motors. Adjusted for inflation, gas prices are actually lower than they were 20 years ago, especially when compared with much of the world. That should be at least a small consolation when filling the tank costs over $50.

To injury is added insult
Back to our friend Milton, who has finally arrived at his destination and is now looking for parking. He knew that the average daily rates across America had increased 3.5% from a year ago. His only consolation today is that parking in Detroit is considerably less than it is in Boston. Too bad he can`t find his wallet.

Five most expensive cities for parking

1. Honolulu, H:I $32.75
2. Boston, MA: $30.00
3. San Francisco, CA: ($23.90)
4. Chicago, IL: ($22.50)
5. Los Angeles, CA: ($20.90)

The five least expensive cities for parking

1. Orlando, FL: ($6)
2. Dallas, TX: ($6)
3. Phoenix, AZ: ($6.75)
4. Detroit, MI: ($7)
5. Memphis, TN: ($7)