InsWeb Finds Auto Premiums Steadily Increasing

NU Online News Service, Sept. 9, 2 :54 p.m.EDT?The average consumer's automobile insurance premiumhas gone up $150 during the past 18 months, according to an indexpublished by Sacramento, Calif.-based InsWeb Corp., an onlinepersonal lines quoting service.

InsWeb also reported that personal auto premiums have risen 54percent since the first quarter of 2000, when the company firststarted tracking this data.

"The index suggests that prices continue to rise, and thatconsumers could save hundreds of dollars by shopping for theirinsurance online," said Hussein Enan, chairman of InsWeb. "Forexample, a recent internal analysis showed that consumers presentedwith five or more quotes at InsWeb saw a quote that was on averagemore than $500 lower than consumers presented with only threequotes," Mr. Enan added.

Although the InsWeb index may be slightly volatile from quarterto quarter, reflecting in part pricing activity by carriersparticipating on its Web site and profile shifts in consumersshopping online, it has been consistent with many independentmeasures of pricing activity since its inception, noted a statementissued by the company.

InsWeb's index is in line with a recent J.D. Power andAssociates report finding that auto premiums have increased 13percent since 2002. The average personal auto consumer paid $1,190for auto insurance, compared to $1,050 last year, according to theWestlake Village, Calif.-based market research firm. Since 2000,premiums have risen 32 percent, the report noted.