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ABSTRACT The problem under investigation is to determine whether or not there is a statistically significant difference in the insurance rates by company and driver type Data on the insurance rates were obtained from the Missouri Department of Insurance The two-way analysis of variance procedure was used to reach valid conclusions The study concluded that there is actually no difference in insurance rates among companies but a difference in insurance rates among driver types Therefore there is no evidence that companies differ significantly in their insurance rates by companies but there is evidence that companies differ significantly in their insurance rates by driver type Introduction Insurance rates are no doubt very critical to both the companies and drivers Missouri requires you to have a minimum amount of auto insurance coverages One is a bodily injury liability of 2550 up to 25000 for injury-related expenses incurred by a single individual in an accident that is your fault up to 50000 for all such expenses from a single accident Another is property damage liability of up to 10000 The other is uninsured motorist protection of 2550 The purpose of this paper is to use valid statistical procedures to determine whether or not the four insurance companies in Jefferson City Missouri differed significantly in their insurance rates for the period of six months in the year of 1996 Extensive search was made on the Internet to locate relevant and reliable data on insurance rates The homepage of the Insurance guide wwwinsurecom provided me with the required data on insurance rates in Jefferson City Missouri The data is shown in Appendix A The data in Appendix A is arranged in a format of a randomized block design RCBD where blocks is the insurance companies and the primary factor of interest are the single or marriedsexage The statistical procedure that I used is the two-way analysis of variance ANOVA without replication The Microsoft Excel software package
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