Rates at Lowest Point Since May of 2008
CLEVELAND, OH – March 4, 2009 – Insurance.com, the largest online auto insurance agency in the United States, today released its monthly RateWatch report for February 2009. The data found that, on average, auto insurance rates in February were down slightly to $1888, their lowest point since May of 2008.
“After an 8% overall rate increase in 2008, our new February data offers some good news for consumers, who continue to feel the pinch from recurring expenses like auto insurance.” –Sam Belden, Insurance.com VP
With many consumers in hard financial times, Insurance.com also reported that the average driver who compared rates and purchased a new policy at Insurance.com saved $549, and may have gotten a more robust policy for the money. This savings could have a significant impact on consumers' wallets.
"After an 8% overall rate increase in 2008, our new February data offers some good news for consumers, who continue to feel the pinch from recurring expenses like auto insurance," said Sam Belden, Vice President at Insurance.com. "With insurance rates decreasing in so many states, now is a great opportunity to review your policy and shop around for a better rate. We've packed our website with important tips to help consumers make informed decisions about their insurance needs and our online application makes it easy to get not only a lower rate, but often better coverage for that lower rate."
The RateWatch report data is based on the lowest car insurance rates quoted to consumers in each state, from more than a dozen of the nation's leading auto insurers. February's RateWatch data found that rates on average decreased 1% from rates of $1908 reported in January. Rates dropped or were unchanged in 36 locales, with Vermont and the District of Columbia reporting the largest rate decreases (down 12% and 9% respectively). Rates were up more than 1% in 11 states, including Indiana (up 6%) and Wyoming (up 5%). The complete report is available at www.insurance.com/ratewatch.
Insurance.com is the leading online independent auto insurance agency in the United States. Our innovative technology allows consumers to link directly to the rating systems of more than a dozen top insurance companies. We streamline the shopping process for consumers, empowering them to instantly compare rates, make the smartest decisions for their insurance needs and buy a policy online or by phone. Since 2000, millions of drivers have benefited from using our online shopping experience or speaking with our expert, licensed agents by phone. Headquartered in Solon, Ohio on the outskirts of Cleveland, Insurance.com also offers information for life, health and home insurance.
Sari Martin/Susan Hartzell, ICR
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