OAIN: Auto Insurance Prices See Small Uptick Between May and June

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The latest Bureau of Labor Statistics data show the price of insuring a vehicle rose by 0.1 percent between May and June, Online Auto Insurance News reports.

The average cost of insuring a vehicle rose just one-tenth of a percent from May to June, according to the most recent data released by the U.S. Bureau of Labor Statistics (BLS). But while the month-to-month increase was minor, Online Auto Insurance News points out that premiums were 3.8 percent higher last month than in June 2011.

Despite the recent Consumer Price Index figures indicating that prices are rising, consumers should still be able to find inexpensive auto insurance quotes online or in person.

The monthly increase in policy prices was at odds with overall trends for June, which showed a drop of 0.1 percent from the previous month for all goods measured.

The price hikes were, however, in keeping with a steady increase in coverage costs this year, which were one-fifth of a percent higher in May than in April and had climbed 3.8 percent from May 2010. Prices for all goods rose by about one-half of one percent between April and May.

Source: http://www.bls.gov/cpi/#news

Upticks in average premium prices have been fairly minor in 2011, with all month-to-month increases at 0.3 percent or lower. Those figures are in stark contrast to October and November 2010 reports, when the month-to-month increases were 1.1 percent and 0.9 percent, respectively.

The BLS issues monthly updates on price trends in order to highlight inflation and other factors affecting the cost of everything from clothing to medical care and education.

Although the car insurance prices documented in the CPI have been slowly increasing, actual expenditures may have remained the same or even decreased. That’s because consumers can take a number of steps to chip away at their individual costs. The policies used as the basis for the CPI, on the other hand, see fewer adjustments.

To read more about this and other car insurance issues, go to http://www.onlineautoinsurance.com/, where you will find informative resource pages and a free-to-use quote-comparison generator.

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Gregor McGavin
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