Insurance.com RateWatch: Car Insurance Rates Dropped Significantly in 2009

By Jmalloy Posted : 12/08/2009

 

CLEVELAND - December 8, 2009 - Insurance.com, the largest independent online auto insurance agency in the United States, today released its RateWatch report, which found that car insurance across the nation declined 3.5 percent in 2009 to $1,803 per year. After dramatic rate increases of 8 percent in 2008, the rate cuts this year allowed savvy auto insurance shoppers to save money on premiums by purchasing new policies.

According to insurance.com's RateWatch report, while overall car insurance rates rose from $1,810 at the end of 2007 to $1,954 in 2008, they dropped back down to $1,803 as of November 2009. RateWatch data from November shows the lowest car insurance quotes, on average, were down $66 from the third quarter average of $1,869. This larger decrease followed a .09 percent decrease from $1,893 to $1,876 between the first and second quarters of 2009. RateWatch is based on real-time auto insurance quotes delivered to car insurance shoppers from more than a dozen insurance companies at insurance.com.

States seeing the sharpest car insurance rate declines in November 2009 were Washington, D.C. (down 15.5 percent), Nebraska (down 12.7 percent), Vermont (down 9.0 percent), Idaho (down 6.4 percent), and West Virginia (down 5.6 percent). Rates increased the most in Colorado (up 4.5 percent) and Washington (up 3.6 percent).

"Car insurance rate decreases in 2009 came as a relief for many consumers," said Sam Belden, vice president. "We expect rates to hold steady or continue falling as we enter 2010. It's a great time to shop for insurance."

About RateWatch
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. The complete report is available at www.insurance.com/about-us/ratewatch

ABOUT INSURANCE.COM
Insurance.com is the leading independent online 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 and make the smartest decisions for their insurance needs. Headquartered in Solon, Ohio, insurance.com also offers information for life, health and home insurance.

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