On the heels of a Consumer Federation of America report charging that auto insurers put too much weight on non-driving rating factors, the Insurance Information Institute released figures showing that insurers’ use of a wide range of rating factors has held down consumers’ expenditures on auto insurance.
I.I.I. says in a statement that, for consumers, the average annual expenditure for U.S. auto-insurance coverage in 2012 is expected to total $839. While this total is higher than 2011, and also a continuation of an upward trend that began in 2010, I.I.I. says the expected 2012 total is less than the $842 the typical U.S. driver spent for coverage in 2004 ($842).
Furthermore, I.I.I. says that when the figures are adjusted for inflation, “auto insurance expenditures are expected to be 19 percent lower in 2012 than in 2003 and lower than at any point in nearly 20 years.”
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