2007 Auto Insurance Pricing Report
Based on data from the lowest average auto insurance rates viewed by over 1.4 million car insurance consumers on Insurance.com, auto insurance rates continued to decline according to Insurance.com’s 2007 Auto Insurance Pricing Report. Only six states on Insurance.com’s platform showed increases in premiums; the rest all showed decreases, in many cases for the third year in a row.With a year that saw increased competition between auto insurance companies, and higher, though arguably more stable gas prices, car insurance rates continued to decline for many states,” reports David Roush, CEO of Insurance.com. “Our 2007 Auto Insurance Pricing Report indicates a 5.2% decrease in car insurance rates from 2006 prices.”
In Insurance.com’s 2006 Pricing Report, the national average premium was $1965. This went down to $1868 in 2007. “This is a clear indication that prices are constantly changing, often in favor of the consumer. It’s never been more important to make sure you’re not overpaying for your auto insurance. Insurance.com makes it easy to compare rates from leading national companies,and to buy immediately, online or over the phone.”
According to the Insurance.com 2007 Auto Insurance Report, North Carolina saw the largest decrease in car insurance premiums, paying an average of $1,816 for car insurance – a 24.5% decrease from 2006. This is the first year since 2004 where North Carolina has showna decrease in the Insurance.com Pricing Reports. Arkansas and South Dakota were in second and third place, with decreases of 14.5% and 14.4% accordingly.
At the end of 2007, Nevada was in the top spot for states with the largest percentage increase in car insurance premiums, with an average of $2,083 – a total increase of 6.8% from 2006. Connecticut moved up into the number two position with a 3.2% increase over 2006 premiums, while a few states, Indiana, Illinois and Arizona, actually made the chart only because their premium decreases were so small. Interestingly, Indiana had previously been seen showing a slight increase in premium in early reports this year, but ended up with an 0.5% decrease over 2006 premiums.
Insurance.com’s 2007 Auto Insurance Report continues to support the theory that where you live plays a large role in how much you pay for car insurance. This is because auto insurance companies take into account if your area has limited parking, a higher traffic population, a greater theft rate, and the amount of uninsured drivers in your area. So the worse your city’s statistics are, the moreyou will pay for auto insurance. Even those states which paid the most for car insurance premiums saw prices drop in 2007, proving that it’s always a good idea to shop around for the best prices. Take a look at the charts below to find out which states paid the most (and the least) for auto insurance in 2007. Even though there appears to be a big difference between premiums in New York and Wisconsin, or Louisiana and Ohio, you don’t have to relocate to a different state just to save on auto insurance! All you need to do is shop around and make sure you’re really paying the right amount for your current coverage. To assist you in this process, Insurance.com lets you compare the rates of best-in-class car insurance providers – helping you find the best auto insurance rate available for you and your budget. Wondering where your state ranked in the Insurance.com 2007 Auto Insurance Pricing Report? Below is a list of the 48 states Insurance.com surveyed. States are ranked in alphabetical order with the price increase or decrease displayed as a percentage for each state. About Insurance.com’s 2007 Auto Insurance Pricing Report *Disclaimer
Insurance.com’s 2007 Auto Insurance Pricing Report highlights the lowest average auto insurance rates viewed by over 1.4 million car insurance consumers on the 2007* Insurance.com platform. The information comes from actual auto insurance quotes consumers received from over a dozen of the nation’s leading auto insurance companies who participate in Insurance.com’s comparative auto insurance platform.
While the Insurance.com 2007 Auto Insurance Pricing Report is a broad indicator of pricing activity in the personal auto insurance marketplace on a per household basis, it is not a comprehensive index as it reflects only the pricing activity of carriers that have participated in the Insurance.com auto insurance marketplace in the states where it quotes (all states except Alaska, Hawaii, and Massachusetts) and the aggregate profile of consumers who shop using the Insurance.com platform
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