Smart Auto Insurance Blog

According to insurance.com’s monthly Car Insurance Rate Watch Report, average car insurance rates in March decreased in 19 states (compared with February).   Rates were higher in 15 states on average and basically unchanged in 13 states.

The 5 states that enjoyed the largest rate decrease in March were:

1. Arizona
2. Virginia
3. New Hampshire
4. Texas
5. Georgia

The 5 states where average car insurance rates increased the most in March were:

1. South Dakota
2. Nebraska
3. Minnesota
4. Maine
5. West Virginia

In addition, insurance.com found that two-thirds of March auto insurance shoppers were seeking a new policy because their rate was too high, or they received their bill and the rate had gone up.

According to insurance.com’s monthly RateWatch report for February:

• 21 states saw lower auto insurance rates on average vs. January
• 9 states experienced higher auto insurance rates on average.
• The remaining 20 states were either not included in the study (New York and Massachusetts) or experienced no significant changes in rates vs. the previous month.
• The 3 states with the highest rate increases included (Iowa 6.2%, Wyoming 5.4%, Utah 4.1%)
• The 3 states with the largest rate decreases included (Vermont 11.8%, DC 8.6%, Nebraska 7.0%)

Overall, auto insurance rates nationally fell to their lowest points since May, 2008, after an 8% increase for calender year 2008.

Insurance.com, who previously published their Auto Insurance RateWatch Report quarterly, has increased the frequency of the report to monthly based on the success of the initial launch.

January’s RateWatch report included the following nuggets:

• Private passenger auto insurance rates held steady for most states in January.
• Auto insurance rates were up 5% or more in Montana, Nebraska, North Dakota, Oregon, South Dakota and Washington.
• Average auto insurance rates were lower than December rates in 10 states, and rates were essentially unchanged in 14 other states.

Insurance.com’s RateWatch  Report is a fantastic resource for aggregate data on monthly auto insurance fluctuations on a state level.  For more frequent and specific auto insurance updates (daily) on a state level, as well as on a carrier by carrier basis.  Please come back to visit the Smart Auto Insurance Blog.

RateWatch recently released its fourth quarter 2008 report, which highlights the poor consumers in states with the greatest increase auto insurance rates. Believe it or not, during this recession premiums actually increased by 8% over the past year!

Highest auto insurance premium increases:

1. Washington, D.C. auto insurance rates increased by 10.5% in Q4.
2. Utah auto insurance rates followed close behind with a 10.2% increase.
3. Colorado auto insurance rates saw a less severe, but still significant 6.1% increase.
4. Delaware auto insurance rates went up by 5.6% in Vice President Joe Biden’s home state.
5. Wyoming auto insurance rates increased by 5.5% in the fourth quarter.