Study: Auto Rates Vary Widely Among Insurers
NU Online News Service, June 18, 3:33 p.m. EDT?Rates in personal auto insurance are beginning to stabilize, but consumers should be aware that there are still substantial pricing differences among various auto insurers, according to InsWeb Corp.
Citing results from its insurance index which tracks pricing trends of personal auto insurance, Sacramento, Calif.-based InsWeb Corp. said its online customers continued to see significant pricing variance in rates offered by auto carriers for comparable coverage during the 2003 first quarter.
The company noted that prices for auto insurance are stabilizing, with nationwide prices increasing only slightly from the 2002 fourth-quarter level. This stands in contrast to an 11 percent rate increase recorded last year, on a year-over-year basis, InsWeb pointed out.
Hussein Enan, chairman at InsWeb, said while its index suggests that current prices are not increasing as sharply as they were a year ago, "it still pays to shop around."
For example, during the month of March, Mr. Enan noted, when consumers were given at least three quotes on InsWeb, the average price difference between the highest and lowest quote was almost $1,500, and the difference only increased the more quotes consumers saw.
"This suggests that consumers can still realize significant savings by simply shopping for their insurance," Mr. Enan advised.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.