Auto Insurance Forecast Sees Small Rise This Year
The average auto insurance payment is projected to rise 1.5 percent from $857 last year, much lower than recent years. Some policy holders may see a decrease while costs remain restrained.
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 18, 2005
Page
10
The average auto insurance payment is projected to rise 1.5 percent from $857 last year, much lower than recent years. Some policy holders may see a decrease while costs remain restrained.
The auto insurance market shows the slowest rate rise in five years with nationwide spending up 1.5 percent to 870 per vehicle. In New York ten big insurers cut rates 5 to 6 percent, saving drivers about 350 million. State Farm trimmed prices in 32 states while raising one. Analysts warn the cycle could peak as firms slash prices to gain policyholders. Pricing models and better credit scores enable more precise rates.
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