Auto insurance is a large component of the overall cost ofowning a car, so it's no surprise the state with the lowest annualcost of insurance is also the state with the lowest annual cost ofcar ownership.

But insurance is by no means the only factor. In fact, the statewith the highest annual cost of car ownership is among the cheapest20 states with respect to estimated insurance costs, at leastaccording to Bankrate's 2014 Car Cost Study.

Bankrate considers three factors in its ranking: repairs,insurance and gasoline. Repair-cost figures accounted for labor andparts, with data provided by CarMD.com. Insurance costs were taken fromthe National Association of Insurance Commissioners' statistics.For gasoline spending, Bankrate used statistics from GasBuddy.com and the Bureau ofTransportation Statistics.

As noted by Bankrate's Chris Kahn, who compiled the ranking, theMidwest boasts several states that are among the most affordablefor car ownership. Conversely, 5 of the 10 most expensive stateswere in the South.

See the top 5 and bottom 5 most expensive states for carownership on the following pages.

Least Expensive States

|

#1 Iowa

Iowa was ranked the cheapest for auto insurance among the 50states and D.C., at an annual estimated cost of $630. The state wasalso in the bottom five for repair costs, at $315. However, Iowaruns in the top half of states for gasoline, at an annual estimatedcost of $998. All told, owning a car in Iowa will cost you around$1,942 a year, not counting your actual car payments.

#2 Ohio

Ohio comes in a three-way tie for eighth-cheapest state forrepair costs, at an annual estimated cost of $328. You're payingmore for your insurance than in Iowa, with an annual estimated costof $698, but Ohio still ranks among the cheapest-10 states (seventhcheapest). Gasoline costs are more favorable than in Iowa at $947.The total estimated cost of owning a car in Ohio is $1,973, maybethe cost of one extra trip to the pump, depending on what stateyou're in of course.

#3 Illinois

Credit: (photo.ua /shutterstock.com)

Gas is cheaper in Illinois than the previous two states, rankedamong the 10-cheapest states in this category at an annualestimated cost of $852. Repair costs are higher, although you'restill in the bottom 15 in this category if you're in Illinois($343). Insurance takes a bigger jump compared to two cheapeststates, though, at an annual estimated cost of $805, although thestate is by no means among the most expensive, and rather is stillranked in the bottom-half of states for this category. To own a carin Illinois, you pay about $1,999 a year.

#4 Idaho

Repair costs are slightly above Illinois at $349. Insurance ismore affordable though, falling in between Ohio and cheapest statefor insurance, Iowa, at an annual estimated cost of $664. So far,Idaho is looking cheap compared to Illinois, but gasoline prices atan annual estimated cost of $988 propel the state higher on themost-expensive list. Still, owning a car in Idaho costs you just $2more than in Illinois, at an annual estimated cost of $2,001

#5 Wisconsin

Repair costs are about in line with Ohio's, at an annualestimated cost $329, and insurance is the third-cheapest of allstates at $658. Wisconsin, though, is 1 of 22 states with gasolineprices over the annual estimated cost of $1,000 ($1,031). That'sover half the annual estimated car ownership cost of $2,018 in thestate.

Most Expensive States

|

#5 New Jersey

It costs more to fix your car in New Jersey than in any otherstate, with an annual estimated cost of $393. New Jersey is alsothe third-most-expensive state for auto insurance at $1,244 peryear. Gas, though, is affordable, with New Jersey ranking as thesixth cheapest state in this category at $783. For owning a car inNew Jersey, you pay about $2,421 per year.

#4 Mississippi

Mississippi is the third-most expensive state for annualestimated gasoline costs, at $1,231. Other costs are not toooutrageous: the state ranks as the 21st most expensive forinsurance at $901, and repair costs come in at $356 per year. Butthanks largely to those gas prices, owning a car in Mississippicomes with an annual estimated cost of $2,487.

#3 Florida

There is no one cost that is astronomical in Florida when itcomes to owning a car, but all three factors Bankrate measured wereon the high side. Estimated annual repair costs are $377, 11thmost-expensive among the 50 states and D.C. Insurance costs are$1,124, comfortably in the top-10 most-expensive states, andgasoline costs are $1,015. Overall, the cost of owning a car peryear in Florida is about $2,516.

#2 Louisiana

Credit: Jorg Hackemann /Shutterstock.com

Louisiana is the most expensive state (including D.C.) forestimated annual insurance costs, according to Bankrate, at $1,277,slightly ahead of Washington, D.C. Repair costs are $354 andgasoline costs an estimated $924 per year. All told, owning a carcosts $2,555 per year in the state.

#1 Wyoming

With relatively cheap repair and insurance rates, why is Wyomingthe most expensive state to own a car? Gas prices. The state is themost expensive for annual estimated gas costs, and it's not evenclose. Wyoming is over $350 more expensive per year thansecond-ranked Alabama. It costs about $1,588 annually to fill yourcar up in Wyoming. At $324, repair costs are reasonable, as isinsurance at $792. In total, it costs about $2,705 per year to owna car in the most expensive state.