Auto Insurance Rates Affected by the Ecomony

Last month a presentation given last month by industry expert, Steven Weisbart, shows that the price of auto insurance has been rising steadily over the past three years. The article “Report: Car Insurance Price Trends Are Out of Sync With Economy” by Ben Zitney on OnlineAutoInsurance.com discusses the various trends of auto insurance quotes over time.

Steven Weisbart is the Insurance Information Institute’s Senior Vice President and chief economist and he believes the auto insurance market hardened at the end of 2007 after a 4 year period of dropping auto insurance rates. The national average expenditure on coverage has risen steadily over the past three years. The report shows an overall increase of about 12% from 2007 to 2010 causing concern for many struggling Americans.

Weisbart’s presentation is entitled “Mega-Trends Influencing the Future of Auto Insurance” was was addressed in October at the National Auto Insurance ExecuSummit held in Connecticut. It highlighted many emerging trends in the auto insurance industry and helped explain some of the upsetting increases in auto insurance rates that are caused partially by the economy’s various downward trends.

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