Tag: cost of auto insurance

Auto insurance in Maine is among the most affordable in the US

Homeowners and Auto Insurance

A recent NAIC report has shown that the state has some of the lowest rates in the country. Eric Cioppa, the Insurance Superintendant for Maine, has announced that two reports released by the National Association of Insurance Commissioners (NAIC) have shown that the state’s auto insurance affordability has improved when compared to other states in the country. It indicated that drivers in Maine are now in one of the top ten most affordable states. This means that the auto insurance costs within Maine are considered to be within the top…

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Auto insurance customers in New Jersey are experiencing regular increases

New Jersey auto insurance

The rates in the state for vehicle coverage have risen again, according to NAIC data. The National Association of Insurance Commissioners (NAIC) has reported that drivers in New Jersey are continually paying higher prices in order to maintain their auto insurance coverage. The Garden State has been experiencing regular rate hikes over the last few years. Data released by NAIC has shown that in 2009, the average cost of auto insurance in New Jersey had been $1,218. This increased the next year to reach $1,276. The association notes that this…

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American auto insurance marketplace competitiveness underlined by I.I.I. using research findings

Nordstrom
Auto Insurance

Quotes vary enormously showing significant difference in risk assessment by insurers. The Insurance Information Institute (I.I.I.) has used the findings of a recent survey to determine that American drivers in low and moderate income ranges can greatly benefit from the high level of competition in the auto insurance marketplace. At the same time, the Consumer Federation of America (CFA) is seeking to find out why quotes vary so much. According to the I.I.I. president, Dr. Robert Hartwig, who is also an economist, the answer to that question isn’t complicated. “The…

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Why did my auto insurance increase?

Auto Insurance

Will unpaid parking tickets or accidents cause your premiums to rise? Upon receipt of a letter or an invoice that shows that you’ll be paying more for your premiums from now on, it’s natural to ask yourself: why did my auto insurance increase? The answer can lie in many places, some within your control, and some that had nothing to do with you. For example, there are times when an insurer will boost all of their rates, so you will simply have been roped into that hike as a whole.…

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Study suggests that auto insurance may be too expensive for low income drivers.

Nordstrom

A new study from the Consumer Federation of America (CFA), a consumer advocacy group, suggests that auto insurance is too expensive for the poorest Americans to afford. CFA claims that this is to bias seen in the insurance industry despite the fact that insurers cannot base prices solely on a person’s income. In most states, however, insurers can use socio-economic information to price policies, which directly correlates to income. This could be a major problem in states in which auto insurance is mandatory for all drivers. The study shows that,…

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