Car insurance rose by at least 25 percent last year in three US states

Car insurance - Rise in cost 25 percent

American drivers are braced for more increases in the premiums they’re paying on their auto policy. Across the US, there were three states that experience car insurance price increases by 25 percent last year, and experts are cautioning American motorists that the premiums are expected to continue rising. As much as auto premiums rose last year, 2023 is likely to see policies getting more expensive. Interest rate increases, inflation, the volatility of gas prices, and a spectrum of other causes have sent car insurance rates skyward in the last year.…

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Consumers are favoring shopping online for auto insurance coverage

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Report highlights the trends directing consumer purchasing behavior More consumers are beginning to shop online for auto insurance coverage, according to a new report from comScore. The report highlights the trends that are beginning to emerge in the overall auto insurance industry, with these trends likely to play a major role in directing the shopping behavior of consumers in the future. The report is comprised of information gathered from more than 3,000 drivers throughout the United States, with this information being gathered between August and September of this year. Majority…

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The average auto insurance customer hasn’t switched companies since 2003

auto insurance premiums

According to recent research, one in every three drivers has not shopped around at all for a policy. A recent study was conducted by insuranceQuotes.com, which has now issued its results in a report that showed that the average American driver hasn’t changed the auto insurance provider covering their vehicle in over a decade. In fact, the average length of time since the last change in insurance companies was 12 years, said the report. Furthermore, about one quarter of all drivers have been sticking with the same auto insurance company…

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Credit has a big impact on auto insurance premiums

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Report highlights the effect that credit data has on insurance prices Credit score has a lot to do with auto insurance rates, according to a recent report from WalletHub, a personal finance organization. The report focused on how a driver’s credit score affects their insurance rates in the United States. All states but California, Hawaii, and Massachusetts were examined for the report. In these states, using a driver’s credit history to price auto insurance coverage is illegal, so such information does not contribute to higher premiums. Those with no credit…

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Google launches auto insurance comparison service

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New service aims to help users compare auto insurance quotes Google has launched a new service that may help it break into the auto insurance sector. The service is called Google Compare for Auto Insurance and will allow users to compare insurance quotes offered by 14 different coverage providers. Google’s new service is restricted to California currently, but the company may expand the service if it proves successful and popular enough among consumers. If successful, the Google Compare for Auto Insurance service could be a disruptor for the auto insurance…

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