Ups and Downs of Auto Insurance Quotes Prove Value of Shopping Around

By Jmalloy Posted : 01/10/2005

CLEVELAND, OH - January 10, 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 ComparisonMarket, Inc., owner and operator of the largest online auto insurance agency in the United States, Insurance.com. 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 Dave Roush, CEO of Comparison Market. "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.

A complete list by state is available at http://www.insurance.com/quotes/Article.aspx/Top_10_States_With_The_Highest_Increase_in_Premiums_This_Year/artid/256

About ComparisonMarket
ComparisonMarket, Inc., based in Solon, Ohio, owns and operates Insurance.com. The Insurance.com website enables consumers to instantly compare and buy competitive auto insurance quotes directly from any of more than a dozen leading insurance companies. When ready to purchase, users have the option of completing the transaction online or talking directly to an unbiased licensed agent. Other products include life, health and home insurance as well as travel, dental and pet health insurance.

In addition to Insurance.com, ComparisonMarket provides private labeled solutions to financial institutions, affinity groups and online marketplaces to offer their customers real choice and savings opportunities on auto insurance.

CONTACT:
Dave Roush, CEO
ComparisonMarket, Inc.
440-715-0075
droush@comkt.com

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