Ups and Downs of Auto Insurance Quotes Prove Value of Shopping Around - Insurance.com Highlights Variability in Pricing, Urges Consumers to Evaluate Options
CLEVELAND--Jan. 1, 20050, 2005--Depending on where you live, your quotes for auto insurance premiums may have increased by nearly 22 percent - or decreased by almost 14 percent - during the past year, reports Insurance.com, the largest online auto insurance agency in the United States. That's why shopping for insurance can pay off in savings.Insurance.com's 2004 Auto Insurance Pricing Report highlights the average change in auto insurance premium quotes on a state-by-state basis, based on actual pricing information from 12 of the nation's leading auto insurance companies. The quote information was collected from more than 100,000 auto insurance quotes provided by Insurance.com to its customers in 2004.
"The beginning of a new year presents a good opportunity for consumers to evaluate their options and possibly save hundreds of dollars on comparable insurance policies," said Lou Geremia, president of Insurance.com. "This report highlights the tremendous variability in auto insurance pricing across the country. Our data, combined with several external measures, indicates that consumers may be able to take advantage of opportunities presented by carriers with aggressive pricing strategies."
According to the report, the average U.S. household received an annual auto insurance quote of $2,343 in 2004, representing a $138, or 6 percent, increase over the average annual premium quote in 2003.
But the rate of change varied widely from state to state. Consumers in Louisiana, for example, saw their annual premium quotes increase 21.6 percent, while residents of New Hampshire saw a 13.9 percent decrease. The report also points out a wide disparity in the actual premiums quoted for consumers in different states. In New York, the average quote was $3,292, compared with $1,222 in North Carolina.
The 10 states with the largest percentage increases were:
2003 2004 % Difference Dollar Change
LA $2,677.71 $3,256.29 21.6% $578.58
SC $1,659.34 $1,930.81 16.4% $271.47
AR $1,928.25 $2,188.55 13.5% $260.30
NV $2,275.38 $2,577.66 13.3% $302.28
MT $1,627.92 $1,834.27 12.7% $206.36
WY $1,868.74 $2,096.09 12.2% $227.35
FL $2,238.79 $2,477.01 10.6% $238.21
CT $2,331.37 $2,578.42 10.6% $247.04
VA $1,637.48 $1,801.15 10.0% $163.67
MD $2,539.79 $2,757.83 8.6% $218.04
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The 10 states with the largest percentage decreases were:
2003 2004 % Difference Dollar Change
NH $2,589.63 $2,228.85 -13.9% $(360.78)
NC $1,349.66 $1,222.22 -9.4% $(127.43)
RI $3,036.70 $2,810.74 -7.4% $(225.97)
IN $2,041.12 $1,915.77 -6.1% $(125.35)
KS $2,158.71 $2,027.15 -6.1% $(131.56)
MO $2,173.64 $2,081.56 -4.2% $(92.07)
IL $2,177.62 $2,093.56 -3.9% $(84.06)
CO $2,447.62 $2,365.93 -3.3% $(81.69)
OH $1,925.45 $1,884.41 -2.1% $(41.03)
ME $1,447.75 $1,433.81 -1.0% $(13.94)
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A complete list by state is available at http://www.insurance.com/auto.aspx
About Insurance.com
Insurance.com is an online insurance marketplace that allows consumers to receive comparative quotes from top companies and purchase insurance products through the site. The site provides quotes for auto, life, health, home and specialty lines of insurance. The company has been consistently recognized for the quality of its Web site and the services it provides. Insurance.com was named Best Insurance site by Money magazine and was praised by Smart Money for its ease of use and wide range of quotes. Insurance.com is accessible via the Web at http://www.insurance.com/auto.aspx
Insurance.com is owned and operated by ComparisonMarket, Inc., which enables financial institutions, affinity groups and online marketplaces to offer their customers real choice and savings opportunities on auto insurance. Working with top insurance providers, ComparisonMarket provides instant, accurate comparative rate quoting and purchasing via the Internet or over the phone. ComparisonMarket is headquartered in Cleveland, Ohio.
Disclaimer
While the 2004 Auto Insurance Pricing Report is a broad indicator of pricing activity in the personal auto insurance marketplace, it is not a comprehensive index as it reflects only the pricing activity of carriers that have participated in the ComparisonMarket auto insurance marketplace in the states where it quotes (all states except Alaska, Hawaii, Massachusetts and New Jersey) and the aggregate profile of consumers who shop at ComparisonMarket.