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Posted: Wednesday, August 1st, 2012 10:07 AM HST

Hawai`i ranked 3rd cheapest for car insurance

By Associated Press

HONOLULU (AP) — An online car insurance shopping site ranks Hawai`i as having the third cheapest rates in the nation. According to CarInsuranceQuotes.com, motorists in the Aloha State pay a median annual car insurance policy cost of $1,244. That's 1.634 percent of household income. The cheapest on the list was in Massachusetts, where policyholders pay just 1.434 percent of household income. Michigan tops the list, where 8 percent of median household income goes toward car insurance, or a median annual price of more than $4,000. The Honolulu Star-Advertiser reported Tuesday state of Hawai`i Insurance Commissioner Gordon Ito attributes the positive ranking to several factors including a reduction in accidents and a highly competitive motor vehicle insurance market in Hawaii.