The Most Expensive Los Angeles Neighborhoods For Car Insurance
We all know that living in a car-dependent city has its fair share of problems. Besides sitting in traffic for countless hours during our work commute, we can tack on high car insurance costs as well in Los Angeles. According to a new survey, the winner for having the priciest insurance in our city goes out to East Hollywood.
CarInsurance.com crunched the numbers from different ZIP codes, and it turns out 90029, which covers a large swath of East Hollywood (between Fountain and Melrose avenues and Western and Hyperion avenues), ranks sixth in the country for the most expensive premiums at an average of $2,416.
Their figures are all based on what standard insurance would cost a 40-year-old man who drives a 2014 Honda Accord, using rates from Allstate, Farmers, Geico, Nationwide, Progressive and State Farm, according to the L.A. Times.
As for the rest of L.A., the next in line for having to dole out the big bucks for insurance is ZIP code 90020, which includes part of Koreatown and Hancock Park, mostly between 3rd and 6th streets, and between Highland Ave. and Hoover St. That area runs at an average of $2,403. Just a little below that is 90010, which hits Koreatown and Hancock Park along Wilshire Blvd. between Highland Ave. and Hoover St., with premiums going at $2,402. Basically, you could save a dollar on insurance if you just moved a few streets south if you're living in those neighborhoods. Then there's the 90005 ZIP code, which starts heading into Mid-Wilshire territory and the southernmost part of Koreatown between 6th and 9th streets, and between Highland Ave. and Hoover St. The premium there averages $2,388.
If you're wondering why the premiums are so high in these areas, it has to do with the number of insurance claims and the severity of the claims made in those neighborhoods, as well as how often car crashes, thefts, and vandalism occur in those ZIP codes.
Hey, although our insurance rates are a little pricey, we can count ourselves lucky for not living in Detroit, Michigan. Their premiums came out the highest in the nation at $5,109.