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Ratewatch: Median Rates Go DOWN in California

Admin — Wed, 23 Feb 2011 23:01:53 +0000

The Sacramento Bee is reporting today that California’s median six-month auto insurance rate has decreased by roughly 3 percent over the last year, to reach $809. Over the same period, the national median has also declined. The national median is now $675, or about 5.5% lower.

Quoting InsWeb, the Bee said that California men pay higher premiums than women with six-month medians of $836 and $772, respectively.

As well, the story says, drivers aged nineteen and under pay a median of $2,141 for a six month car insurance policy, while those just a bit older, in the 20-24 segment pay about a thousand dollars less, with their median cost being $1,154.

The lowest median rate in California goes to the 50-59-year-old drivers, who pay $654.

A three percent shift in the cost of auto insurance is considered relatively minor. The Bee also notes that California hasn’t had any major auto-insurance-related legislation that affected rates in the past year. Instead, rates are affected most by the average value of vehicles and the annual new-car sales in the Golden state. In the last year, the latter number decreased from roughly 1.6 million sales to about a million. The current trend among drivers is to retain older cars, or buy used vehicles, both of which generally come with cheaper insurance.

Ratewatch: Hawaii Posts Comparison Information

Admin — Tue, 28 Dec 2010 04:35:04 +0000

Each year, the Hawaii Department of Commerce and Consumer Affairs Insurance Division posts a comparison of motor vehicle insurance, and this year’s numbers went out to the public on December 22nd.

Based on a driver with a single speeding ticket and no accidents driving a 2009 Honda Accord LX, 4-door sedan with coverage of $20,000/$40,000 (each) for bodily injury, uninsured and underinsured motorists, and $10,000 each for property damage and personal injury protection, the state’s comparison revealed:

DTRIC Insurance Co. Ltd. had the highest annual premium on Oahu at $1,359. The rate was $1,377 on Maui, $1,143 on Kauai and $1,354 on the Big Island of Hawaii.
American Automobile Insurance, Associated Indemnity Corp., Fireman’s Fund Insurance Co., Fireman’s Fund Insurance Company of Hawaii Inc., and National Surety Corp. had the lowest annual premium on Oahu at $213.
On Maui, rates were slightly higher at $216. The Big Island of Hawaii had the highest rate at $256. And the island of Kauai had the lowest rate at $148.

Ratewatch: Mercury Cuts Rates in California

Admin — Fri, 10 Dec 2010 00:34:32 +0000

The Insurance Journal reported today that Mercury Insurance has recently announced a rate reduction for Californians. The $72 million reduction includes a decrease that could exceed 10%, a new group discount for university alumni, and a new 24-hour roadside assistance service for policyholders who have comprehensive and collision coverage.

Mercury, which currently insures almost two million drivers in California, made the announcement just after receiving approval for the rate reduction from the California Department of Insurance. Under the new rates, which go into effect on December 15th, Mercury estimates that California policyholders will save an average of roughly $36 per vehicle.

Members of any university alumni association are encouraged to speak to their Mercury agents about their memberships, in order to save even more money.

Mercury Insurance is a multiple-line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent agents and brokers in California, Florida, New Jersey, Texas, Arizona, New York, Georgia, Oklahoma, Illinois, Michigan, Nevada, Virginia and Pennsylvania.

MOST Expensive Cars to Insure

Admin — Wed, 17 Nov 2010 23:44:45 +0000

Last week, we shared Insurance Web’s list of the ten least expensive cars (from this model year) to insure. Today, we’re flipping that around, and offering their list of the ten most expensive cars to insure from the 2010 model year.

Remember that the cost of the vehicle isn’t the only thing that makes it more expensive to cover with adequate insurance. Engine size and power, whether a vehicle is built on a truck or car platform, and even the presence or absence of electronic stability control can all affect the price you pay for auto insurance.

In any case, here’s the list:

Acura ZDX
Audi TTS
Audi A5
Cadillac Escalade
Chevrolet Corvette
BMW Z4
Lexus SC
Jaguar XF
Cadillac STS
Dodge Challenger

Whether or not your car is on this list, always make sure you have at LEAST the minimum liability insurance coverage required by your state before you take to the streets.

Ratewatch: Texas Auto Insurance Plan Rates Set to Go DOWN

Admin — Thu, 11 Nov 2010 03:05:34 +0000

Insurance regulators in the state of Texas announced last week that rates for high-risk drivers insured through the Texas Automobile Isurance Plan Association (TAIPA) would be about 7.6 percent lower in 2011 than they were in 2010. The reduction is being given even though the minimum bodily injury insurance limits will increase when the year turns. Because of both of these changes, insurance industry experts recommend that Texas motorists check their policies to make sure they are getting enough coverage, for the best possible rate.

Just as in most other states TAIPA exists as an assigned-risk pool for otherwise uninsurable drivers who must still have some kind of coverage in order to maintain compliance with state laws. Texas insurance regulators encourage even drivers with questionable driving records to exhaust the possibilities for standard coverage before resorting to the high-risk pool option, but reminds consumers in the Lone Star state that anyone who has been denied coverage by two insurers is eligible to apply for a TAIPA policy.

Motorists who are approved for TAIPA coverage will be placed with a licensed insurer at special TAIPA rates, which are based on loss costs provided by the Insurance Services Office, Inc., and are usually significantly higher than the rates available on the standard market.