The burgeoning gasoline prices, geographical location, personal profile of an automobile owner are a few factors that contribute to the varying rates of automobile insurance. Each factor has a definite role to play in securing a suitable insurance. It makes an interesting study when you compare the various rates you can arrive at by varying one or more of the above-mentioned factors. With so many companies offering to give you the best deal, it is imperative that a thorough survey is made before settling on a particular deal. What’s more, you don’t need to open any directory or set foot outside your home to shop around. Online services have solved the problem for you. The best quote can just be a click away! The company web sites collect a lot of personal information from an individual to take into account all possible factors that go into building up an arbitrary sum for the insurance policy.
Auto Insurance pricing Report – 2005
A report titled “Auto Insurance Pricing Report” released by Insurance.com in 2005 has unfolded some fascinating facts for us to ponder. According to this report, depending upon a geographic location, the auto insurance rates have shown a decreasing trend in 2005. The nation’s major states have reported a sharp decline compared to earlier figures. A resident of New York has paid an average $3,165 for auto insurance in 2005 showing a 3.4% decrease as compared to 2004 rates. Similarly, people belonging to Minnesota have paid an average $2,172.91, an incredible 8.4% less than in 2004. However, not all states have fared as well. Few have recorded marginal rise in insurance rates. Interestingly, the increase in gasoline prices to has been instrumental in decreasing the insurance rates. The spiraling gas prices are forcing automobile owners to drive their vehicles less. According to Lou Geremia, President of Insurance.com, a cutthroat competition that has gripped the auto insurance companies, has resulted in the fall in insurance rates. “We anticipate auto insurance rates will continue to fall in 2006, making frequent comparison shopping for auto insurance an important tool for consumers who want to save money,” he added. A comprehensive report can be viewed at the following links: