While conventional industry wisdom may be that insurance rates are going up and profits increasing while auto glass replacement suppliers are getting squeezed, according to Insurance.com, the largest online auto insurance agency in the United States, auto insurance rates are decreasing, depending on geographical location. The company's recently released 2005 Auto Insurance Pricing Report shows a national decline in premiums of 2 percent or approximately $60 in 2005.
According to the report, which compared the average auto insurance premiums of nearly nine million customers from 2004 to 2005, 27 states experienced an increase in their auto insurance rates from 2004 to 2005. However, many of the largest states saw rates decrease. New Yorkers, for example, paid an average of $3,165 for automobile insurance in 2005-a 3.4 percent decrease from 2004. Louisiana residents paid an average of $3,100-a 4.9 percent decrease from 2004.
"Competition among the major auto insurers is at an all time high and is a key factor driving down auto insurance rates in most markets," said Lou Geremia, president of Insurance.com. "We anticipate rates will continue to fall in 2006, making frequent comparison shopping for auto insurance an important tool for consumers who want to save money."
In addition to Insurance.com, ComparisonMarket provides private labeled solutions to financial institutions, affinity groups and online marketplaces to offer real choice and savings opportunities on auto insurance.
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