There is some good news for those shopping for auto insurance quotes. Rates are down about .5% according to the article “Average Price for Auto Insurance Down .5%” found on theautoinsurance.com. Over the past six months InsWeb has shown that auto insurance premiums are down to about a national average of $702.
These savings are an average across the board, but certain demographics are experiencing even higher savings. Women drivers over the past six months have saved 5% over what men drivers are paying. Women paid on average $683/year while men paid $720/year. This savings is typical since auto insurance companies view women as less risky drivers.
Over the next few years, drivers can expect to see some changes to the way auto insurance is offered. Many states are currently considering, or have implemented pay-as-you-drive options which allow drivers to pay for auto insurance based on miles driven. This can be a huge money saver for many who do not drive very much or drive a lot based on the season. Consumers will still have the option to purchase standard auto insurance, but this new idea will provide flexibility and affordability to certain types of drivers.