OAI: High Fresno Theft Numbers Correlate with Auto Insurance Costs

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An Online Auto Insurance premium analysis shows that Fresno residents could be paying an average of 46 percent more for comprehensive coverage when compared to premiums for residents of Carlsbad, a city with a much lower theft rate.

The National Insurance Crime Bureau on Tuesday released its most recent report about hot spots for vehicle theft, which indicated that the Fresno, Calif., metropolitan statistical area had the highest rate of autos stolen last year. OnlineAutoInsurance.com compared this area’s policy prices with another city that had a much lower theft rate and found residents of that city had better access to inexpensive auto insurance when compared to Fresno — at least when it came to comprehensive coverage.

When car insurers determine how much a policy is going to cost, they look at a whole spectrum of factors that can indicate risk levels. If a motorist lives and drives in a city with high congestion and accident rates, he or she is likely to be charged more. If he or she puts more miles behind the wheel than the average person, prices are also likely to jump. And if the car is garaged in a city where there are higher-than-average vehicle-theft rates, the cost of the comprehensive portion of a policy — which covers this type of incident — is likely to be higher.

To quantify the difference, OnlineAutoInsurance.com generated a total of 44 six-month premium quotes based on the same driver profile for both Fresno and Carlsbad.

The site chose Carlsbad because it was among the cities that had the lowest volumes of vehicle theft in California last year. According to 2010 data from the California Department of Finance and a preliminary crime report from the FBI, Fresno had about one theft for every 94 residents. In Carlsbad, there was about one theft for every 975 residents.

Source: http://1.usa.gov/jwNvZa

And by the looks of the premium analysis, those numbers have an effect on the price of insuring against theft.

The analysis showed a measly $3 difference in the average price for a liability-only policy between the two cities; but when comprehensive insurance was added, the average premium for a six-month policy in Fresno was $140 more than the average in Carlsbad. The analysis showed that the same driver with the same car and the same liability-and-comprehensive policy could get charged, on average, 25 percent more for coverage in Fresno compared with Carlsbad.

(See the chart attached to the copy of this release hosted on PR Web for detailed results.)

To learn more about this and other financial protection issues, readers can go to http://www.onlineautoinsurance.com/affordable/ where visitors will have access to informative resource pages and a quote-comparison generator that can help consumers find the best rates.

Note on methodology: The sample driver profile used in the analysis was a 30-year-old married male who drives a 2010 Honda Accord and has a clean driving record. Comprehensive quotes reflect prices for full coverage (meaning there is zero deductible). ZIP codes used to generate the quotes were 93702 for Fresno and 92008 for Carlsbad.

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Benjamin Zitney
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