Automobile Insurance at Unbelievable Rates

Automobile insurance rates can vary depending on several factors, including the rising gasoline prices, geographic location and personal profile. Each factor plays a role in the selection of insurance. Comparing the rates that you can get by changing one or more of these factors makes it an interesting exercise. You have many options to choose from when it comes to finding the best deal. You don’t even need to go outside your house to search for deals. Online services can solve your problem. You can find the best quote online in just a few clicks. Websites of insurance companies collect lots personal information to help determine the right amount for you.

Report on Auto Insurance Pricing – 2005 released a report entitled “Auto Insurance Pricing Report” in 2005. It has some interesting facts that we can ponder. This report shows that auto insurance rates have been declining in 2005, according to the location. The major states of the country have reported a sharp decrease in their auto insurance rates than earlier figures. New Yorkers paid on average $3,165 per year for auto insurance in 2005. This is a 3.4% drop from 2004 rates. Minnesotans have paid on average $2,172.91 for auto insurance, which is 8.4% more than 2004. Not all states have done as well. Few states have experienced a marginal increase in their insurance rates. The rise in gasoline prices, however, has contributed to the decrease in insurance rates. Automobile owners have to reduce the amount of gas they use due to spiraling gas prices. Lou Geremia is the President of He says the decline in insurance rates has been due to cut-throat competition. He stated that “we anticipate auto insurance costs will continue to decline in 2006,” and that consumers who are looking to save money can use comparison shopping to find auto insurance.

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The personal history of the buyer of an insurance policy

The buyer’s profile is a major factor in determining the policy amount. The factors that affect the amount of insurance are age, occupation, credit score, marital status and make of the vehicle. Security features installed, accidents history, usage history, etc. all play an important role. A bad credit history, or having an SUV can make it more expensive. However, factory-installed security features and protective equipment can reduce the cost. Similar to the above, heavy usage and accident history can increase the insurance cost. The policy amount can increase for high-risk occupations like pilots or door-salesmen. It is important to start at the auto showroom to compare policy rates. The goal is to find the right vehicle for you and your budget, as well as save money on your insurance policy.

The company has provided the following information about the payment method:

Full payment

Date Due Amount

2006-10-03 $954.80

4 Payments

Instalment Date Due Amount

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1st Payment 2006-10-01 $243.00
2nd Payment 2006-11-01 $243.00
Third Payment 2006-12-01 $242.00
4th Payment 2007-01-01 $242.80

5 Payments

Instalment Date Due Amount

1st Payment 2006-10-01 $243.00
2nd Payment 2006-11-01 $183.00
Third Payment 2006-12-03 $183.00
Fourth Payment 2007-01-03 $183.00
5th Payment 2007-02-04 $182.80

*Note – Payments can include a service fee and state charges (as applicable).

The following is a summary of the personal history for the potential insurance buyer in the above example:

Number of cars owned / 2 (2005 BMW 330i and 1998 Toyota 4runner SR5)
Marital Status :Married
Age: 32 yrs
Cars managed by the:owner and spouse
Anti-theft system:
Safety devices are available
Accident history:nil

Based on the limited information, the buyer was offered a price quote of $442.80 to the 2005 BMW 330i and $512.00 to the 1998 Toyota 4runner SR5. There are a few discounts because of zero accidents and the installation of safety devices.

Asking for multiple insurance policies within the same company is another interesting feature offered by many insurance companies. An example: If an automobile owner takes out a home and auto insurance policy, it may result in a significant discount.

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All the above factors being considered, the following list shows the most expensive and the least expensive states to insure autos.

These are the most expensive places for auto insurance

Detroit, MI : $5,162
Philadelphia, PA: $4,142
Newark, NJ – $3,482
Los Angeles, CA : $3,225
New York City (NY): $3,127

The least expensive cities for auto coverage

Roanoke, VA : $758
Wapakoneta (OH): $871
Chattanooga, TN: $911
Green Bay, WI: $948
Raleigh, NC : $949

It is recommended that you spend a lot of time comparing quotes from all of the potential insurance companies when looking for automobile insurance.
There are insurance companies that offer insurance for residents in a specific region. They then provide the best deals. It’s amazing how many people are unaware of the benefits.
When compared to other companies, insurance amounts can vary by hundreds. This discrepancy could be caused by the differences between two companies.
Insurance companies offer a variety of benefits and features.