Blog

The HSH Blog

Mortgage & Housing Market News from HSH.com
July 21st, 2008 (Modified on March 6th, 2009)

Auto Insurance Rates on the Rise

by

 

In theory, higher gas prices should translate into lower auto insurance rates – less drivers on the road means fewer accidents, allowing insurance companies to hold onto more cash. According to insurance.com, the nation’s largest online auto insurance agency, insurance rates rose for the second straight quarter this year, and may continue to increase through 2009. Insurance.com’s second-quarter report revealed that, on average, the lowest auto insurance quotes rose by 3.4% compared to last quarter. According to insurance.com, higher rates are the result of rising medical costs and the increased costs required to repair vehicles.

From Insurance.com’s second-quarter report:

10 States with Largest % Increase in Premium

State

1st Quarter 2008 Premium

2nd
Quarter 2008 Premium

$$ Increases

% Increases

IN

$1,407

$1,501

+$94

6.7%

AR

$1,729

$1,834

+$105

6.1%

RI

$2,178

$2,286

+$108

5.0%

TX

$1,777

$1,853

+$76

4.3%

NV

$2,103

$2,189

+$86

4.1%

IA

$1,276

$1,326

+$50

3.9%

IL

$1,512

$1,570

+$58

3.8%

MO

$1,569

$1,629

+$60

3.8%

WV

$2,083

$2,161

+$78

3.7%

PA

$2,049

$2,122

+$73

3.6%

Insurance.com CEO Dave Roush offers some advice to consumers in a July 17 press release:

“Now, more than ever, consumers should compare car insurance rates before they renew their policies,” added Roush. “If they comparison shop and follow some simple strategies, they may realize hundreds of dollars in savings with a new company.”

To view the insurer’s saving strategies and the entire press release click here.

Share and Enjoy:
  • email
  • Print
  • RSS
  • Add to favorites
  • Yahoo! Bookmarks
  • Facebook
  • Twitter
  • Technorati
  • Digg
  • del.icio.us
  • Google Bookmarks
  • StumbleUpon
  • Yahoo! Buzz
  • Mixx
  • BlinkList
  • Live
  • Reddit

One Response to “Auto Insurance Rates on the Rise”

  1. Auto Insurance Blogger Says: August 14th, 2008 at 5:54 am

    As you told, increase in gas price should decrease the insurance price. But the result is viceversa. This is the hight time to think about insurance savings strategy. Hope you have dealt this subject very nicely in this post.

Leave a Comment

Receive Updates via Email

Delivered by FeedBurner

About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

Connect With Us

  • rss feed icon
  • facebook icon
  • twitter icon

Compare Lowest Mortgage Rates

$