Auto insurance is a large component of the overall cost of owning a car, so it's no surprise the state with the lowest annual cost of insurance is also the state with the lowest annual cost of car ownership.
But insurance is by no means the only factor. In fact, the state with the highest annual cost of car ownership is among the cheapest 20 states with respect to estimated insurance costs, at least according to Bankrate's 2014 Car Cost Study.
Bankrate considers three factors in its ranking: repairs, insurance and gasoline. Repair-cost figures accounted for labor and parts, with data provided by CarMD.com. Insurance costs were taken from the National Association of Insurance Commissioners' statistics. For gasoline spending, Bankrate used statistics from GasBuddy.com and the Bureau of Transportation Statistics.
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