NAIC Latest Report Shows Auto Rates Climbed as of 2010

Average auto insurance premium and expenditure rates rose by less than 1 percent in 2010 from the previous two years, with Louisiana and Washington D.C. holding the top spots for the most expensive states to insure a car, according to the National Association of Insurance Commissioners’ latest figures.

The NAIC released its 254 page “Auto Insurance Data Base Report 2009/2010” this week, its latest report on the auto insurance market, which shows average premiums and expenditures rose close to $6 nationally to $907.38.

Insurance Information Institute President and Chief Economist Robert Hartwig says that the figures underscore a general pattern in auto-insurance pricing.

Hartwig says that, heading into 2013, premium and expenditures will likely continue to increase for a number of reasons, such as insured losses from severe weather damage throughout the country, and consumers replacing older cars they held onto during the economic downturn.

“We don’t expect to see radical changes in the numbers, but we do expect to see a general upward drift in the numbers,” says Hartwig.

Comments

Resource Center

View All »

Complimentary White Paper: The Compression of Workplace Time

How brokers and carriers respond to the compression of workplace time will create significant competitive...

The Changing Insurance Consumer: 6 Ways to Create Profitable Relationships

Today’s mobile and web-savvy consumers have new expectations when it comes to interacting with your...

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Advertisement. Closing in 15 seconds.