Insurance.com reports a decrease in auto insurance rates depending on geographical location. The company’s “2005 Auto Insurance Pricing Report” shows a national decline in premiums of 2% or approximately $60 in 2005.
Insurance.com’s report compares the average auto insurance premiums of nearly nine million customers from 2004 to 2005.*
According to the report, 27 states experienced an increase in their auto insurance rates from 2004 to 2005. However, many of the nation’s largest states actually saw their rates decrease. New Yorkers paid an average of $3,165 for automobile insurance in 2005 — a 3.4% decrease from 2004. And Louisiana residents paid an average of $3,100 — a 4.9% 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.”
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