Competition among the major auto insurers is at an all time high and is a key factor driving down auto insurance rates in most markets
Cleveland, OH (PRWEB) January 12, 2006
Insurance.com, the largest online auto insurance agency in the United States, reports a decrease in auto insurance rates depending on geographical location. The company’s “2005 Auto Insurance Pricing Report” shows a national decline in premiums of 2% or approximately $60 in 2005.
Insurance.com’s report compares the average auto insurance premiums of nearly nine million customers from 2004 to 2005. *
According to the report, 27 states experienced an increase in their auto insurance rates from 2004 to 2005. However, many of the nation's largest states actually saw their rates decrease. New Yorkers paid an average of $3,165 for automobile insurance in 2005—a 3.4% decrease from 2004. And Louisiana residents paid an average of $3,100—a 4.9% decrease from 2004.
“Competition among the major auto insurers is at an all time high and is a key factor driving down auto insurance rates in most markets,” said Lou Geremia, President of Insurance.com. “We anticipate rates will continue to fall in 2006, making frequent comparison shopping for auto insurance an important tool for consumers who want to save money.”
View the full report http://www.insurance.com/Article.aspx/Auto_Insurance_Rates_Decline_in_2005/artid/342
Insurance.com is owned and operated by ComparisonMarket Inc. in Solon, Ohio. The Insurance.com website enables consumers to instantly compare and buy competitive auto insurance quotes directly from any of more than a dozen leading insurance carriers. When ready to purchase, users have the option of completing the transaction online or talking to an unbiased licensed agent. Other products include life, health and home insurance as well as travel, dental and pet health insurance.
In addition to Insurance.com, ComparisonMarket provides private labeled solutions to financial institutions, affinity groups and online marketplaces to offer real choice and savings opportunities on auto insurance.
While the “2005 Auto Insurance Pricing Report” is a broad indicator of pricing activity in the personal auto insurance marketplace it reflects only the pricing activity of carriers that have participated in the ComparisonMarket auto insurance marketplace in the states where it quotes (all states except Alaska, Hawaii, Massachusetts, New Jersey) and the aggregate profile of consumers who shop using the ComparisonMarket platform.
Lou Geremia, President