Car Insurance Holding Steady
If you’re shopping for a new car, insurance is always a consideration. The Insurance Information Institute estimates that the average cost of car insurance will rise only .5% this year and that it will decline by .5% next year. Insurance prices haven’t fallen since 1999.
A number of factors contribute to the lower rates, but mostly it’s the decline in accident rates and the development of safer cars that are making the most impact. Obviously, rates vary widely depending on the type of coverage, but these figures are a good indicator of overall trends. The original article also points out that the insurance industry had a $15.1 billion profit in just the first half of 2006. That makes it sound like rates are plenty high, even with a .5% decrease factored in.
Check out Cars.com’s Insurance Advice section for a comprehensive guide on navigating the complicated waters of car insurance.
[Auto Insurance Rates Stable For Many, USA Today]
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I read somewhere someone proposed the idea of insuring the driver and not the car. If a person owns several cars, they can only drive one at a time, why pay for policies on cars that aren't being used? I have 3 cars, it would be nice if I only paid for one policy. Comments?
Well, I'd love it if you read my (personal) experience with regards to shopping around for car insurance quotes. Some people just don't understand the benefit of a few simple phone calls to see if somebody else can give you insurance for cheaper.
My experience is outlined here: OUTsurance
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The dropping rates also have to do with the higher levels of competition too. With the exposure of insurers to huge competitive markets like online insurance they have no choice but to keep their premiums down.
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Hi myself ganesh want to say that insurence is very necessary part during byeing car. We have to pay police for car which is in use.