As gas prices in the U.S. continue to fall, along with favorable interest rates that are pushing what are anticipated to be record-breaking auto sales in 2015, driving has become much easier on the average American's wallet.
Yet, not all states are created equal when it comes to getting the most bang for your buck when on the road. Gas prices and taxes, for example, vary from state to state. But, more critically, so do minimum auto insurance requirements and the number of uninsured drivers on the road, which can greatly influence the costliness of an accident in certain states.
To examine the financial risks drivers face on the road, WalletHub ranked the 50 states and the District of Columbia to determine 2015′s Most and Least Risky States for Drivers' Wallets.
Results were determined through an analysis of minimum coverage requirements for the mandatory forms of auto insurance in each state, as well as the percentages of uninsured drivers by state. A summation of the scores from each category determined WalletHub's overall "riskiness" rating.
While nobody wants to be involved in an auto accident, the report's findings indicate that Florida is the state where a driver would least want to experience an accident, considering the state's relatively low insurance requirements and the finding that an estimated 23.8% of Floridians ignore state laws and have no insurance at all.
On the other hand, Maine is the least risky state for drivers. With the state mandating $50,000/$100,000/$25,000 in liability insurance, as well as requiring drivers to carry medical payments and uninsured motorist protection. Only an estimated 4.7% of drivers in Maine are uninsured.
Massachusetts, the study shows, has the fewest uninsured drivers at an estimated 3.9%, while Oklahoma has the most, with an estimated 25.9% of drivers on the road without insurance.
To find out which states are the most and least risky for drivers' wallets according to WalletHub's calculations, click through the following slides.
10 "Safest" States for Drivers' Wallets:
10. (tied) Minnesota
Liability Insurance Requirements: 30/60/10
Other Types of Insurance Requirements: PIP UMBI
Estimated Percentage of Uninsured Drivers: 10.8%
10. (tied) Kansas
Liability Insurance Requirements: 25/50/10
Other Types of Insurance Requirements: PIP UMBI
Estimated Percentage of Uninsured Drivers: 9.4%
10. (tied) Alaska
Liability Insurance Requirements: 50/100/25
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 13.2%
9. South Carolina
Liability Insurance Requirements: 25/50/25
Other Types of Insurance Requirements: UMBI, UMPD
Estimated Percentage of Uninsured Drivers: 7.7%
7. (tied) Oregon
Liability Insurance Requirements: 25/50/20
Other Types of Insurance Requirements: PIP UMBI
Estimated Percentage of Uninsured Drivers: 9%
7. (tied) Massachusetts
Liability Insurance Requirements: 20/40/5
Other Types of Insurance Requirements: PIP
Estimated Percentage of Uninsured Drivers: 3.9%
10 "Safest" States for Drivers' Wallets (continued):
6. Utah
Liability Insurance Requirements: 25/65/15
Other Types of Insurance Requirements: PIP
Estimated Percentage of Uninsured Drivers: 5.8%
4. (tied) New Hampshire
Liability Insurance Requirements: 25/50/25
Other Types of Insurance Requirements: MPC UMBI
Estimated Percentage of Uninsured Drivers: 9.3%
4. (tied) Maryland
Liability Insurance Requirements: 30/60/15
Other Types of Insurance Requirements: PIP UMBI, UMPD
Estimated Percentage of Uninsured Drivers: 12.2%
3. New York
Liability Insurance Requirements: 25/50/10
Other Types of Insurance Requirements: PIP UMBI
Estimated Percentage of Uninsured Drivers: 5.3%
2. North Dakota
Liability Insurance Requirements: 25/50/25
Other Types of Insurance Requirements: PIP UMBI
Estimated Percentage of Uninsured Drivers: 5.9%
1. Maine
Liability Insurance Requirements: 50/100/25
Other Types of Insurance Requirements: MPC UMBI
Estimated Percentage of Uninsured Drivers: 4.7%
10 Riskiest States for Drivers' Wallets
10. (tied) Nevada (Overall Ranking: 42/51)
Liability Insurance Requirements: 15/30/10
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 12.2%
10. (tied) Washington (Overall Ranking: 42/51)
Liability Insurance Requirements: 25/50/10
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 16.1%
8. (tied) Alabama (Overall Ranking: 44/51)
Liability Insurance Requirements: 25/50/25
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 19.6%
8. (tied) Michigan (Overall Ranking: 44/51)
Liability Insurance Requirements: 20/40/10
Other Types of Insurance Requirements: PIP
Estimated Percentage of Uninsured Drivers: 21%
6. Tennessee (Overall Ranking: 46/51)
Liability Insurance Requirements: 25/50/15
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 20.1%
5. (tied) California (Overall Ranking: 47/51)
Liability Insurance Requirements: 15/30/5
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 14.7%
5. (tied) Mississippi (Overall Ranking: 47/51)
Liability Insurance Requirements: 25/50/25
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 22.9%
3. New Mexico (Overall Ranking: 49/51)
Liability Insurance Requirements: 25/50/10
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 21.6%
2. Oklahoma (Overall Ranking: 50/51)
Liability Insurance Requirements: 25/50/25
Other Types of Insurance Requirements: N/A
Estimated Percentage of Uninsured Drivers: 25.9%
1. Florida (Overall Ranking: 51/51)
Liability Insurance Requirements: 10/20/10
Other Types of Insurance Requirements: PIP
Estimated Percentage of Uninsured Drivers: 23.8%
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