Arizona Car Insurance Rates Fall
Monday, January 26th, 2009Arizona’s private passenger car insurance rates have traditionally been among the most expensive in the country, however in 2008 they actually declined by nearly 2% wheras the country experienced an average car insurance rate increase of about 8%. In addition, auto insurance rates in Arizona on average fell by 3% in the 4Q of 2008 (compared to 3Q).
Speculation as to what is driving the rate reductions ranges from 1) fewer drivers on the road in Arizona vs. past years 2) a highly competitive car insurance marketplace in Arizona, and 3) an increase in speed enforcement activities which have kept traffic accidents down.
Thus far in 2009, 17 auto insurance companies have already filed to change their Arizona car insurance rates. The magnitude of the changes range from a decrease of .05% to an increase of 10%.
