Posted by Tom Carolan on Wed, Jan 06, 2010 @ 11:43 AM
Reports are showing that the national auto insurance industry will continue to increase rates in 2010. While the last half of the year 2009 showed an average of 4% increase in premium rates, predictions are that rates will increase yet again early in the new year. While insurance customers may object these hikes in premium costs, the State Department of Commerce and Insurance has the power to approve or deny any insurance company's request to increase rates.
One of the largest names in car insurance, State Farm Insurance, has already received approval for a .8% increase in their rates that will begin in February on all new auto insurance plans and then in March for all policy renewals.
Reasons for premium increases for auto insurance include money problems for insurance companies that are no longer able to enjoy significant earnings through Wall Street investments, and rising medical costs due to car accidents. Therefore, these insurers are relying more than ever on customer premiums to cover losses. Some experts are predicting increased insurance losses that will further cost the companies.
Insurance companies across the board are receiving approvals for car insurance rate increases. Many of these rate hikes are coming into affect in January, February and March for new policies as well as policy renewals. Customers are finding the increases difficult to accept as they try to rework already tight budgets.
High risk customers, including people with a history of accidents and speeding tickets, will probably feel the brunt of the car insurance rate increases. Because of such premium increases, reports are showing that more and more customers are taking out liability only policies on automobiles, and some are even illegally going without coverage, rather than forking over money for higher premiums.
Another tactic for customers trying to stay legal and keep premiums affordable is to increase deductibles for auto insurance plans. However, experts warn customers that doing so may leave them with repair costs that they cannot afford to pay.
With more and more consumers looking to find bargains on car insurance, the competition in the market is increasing. Traffic on auto insurance websites is at an all time high.
Compare coverage rates from the top auto insurers.
Posted by Tom Carolan on Fri, Dec 04, 2009 @ 06:22 PM
www.InsuranceBestPrices.com helps individuals keep their insurance rates low by comparing offers from several different companies. This allows customers to avoid insurance companies that charge too much in favor of more
affordable insurance options. To get their free quotes, users just need to answer some questions. The site also lets customers review their quotes in order to decide on which policy to purchase.
The website uses a system that helps prevent users from misunderstanding the different insurance quotes they receive. Since insurance companies provide many different types of coverage, some quotes can be difficult to compare accurately. Instead of providing quotes with differing levels of coverage, customers are given offers that all reflect the same coverage.
The questions that the company uses to provide insurance quotes help ensure that they are all based off of the same coverage. Offers are given from several different reliable insurance providers. These details are important, since accurate comparisons can be difficult to make when each company gives quotes based off of different levels of protection.