Auto Insurance Rates Dropped

Image by Wysz via Flickr

With the economy the way it is, it is really refreshing to see prices actually drop instead of rise. I hope other industries can also lower prices as the car insurance companies have.

Insurance.com RateWatch: Car Insurance Rates Dropped Significantly in 2009 ; Lower rates look to provide relief to drivers in 2010

Insurance.com, the largest independent online auto insurance agency in the United States, today released its RateWatch report, which found that car insurance rates across the nation declined 3.5 percent in 2009 to $1,803 per year. After dramatic rate increases of 8 percent in 2008, the rate cuts this year allowed savvy auto insurance shoppers to save money on premiums by purchasing new policies.

According to insurance.com’s RateWatch report, while overall car insurance rates rose from $1,810 at the end of 2007 to $1,954 in 2008, they dropped back down to $1,803 as of November 2009. RateWatch data from November shows the lowest car insurance quotes, on average, were down $66 from the third quarter average of $1,869. This larger decrease followed a .09 percent decrease from $1,893 to $1,876 between the first and second quarters of 2009. RateWatch is based on real-time auto insurance quotes delivered to car insurance shoppers from more than a dozen insurance companies at insurance.com. –more