Average auto insurance premium and expenditure rates rose byless than 1% in 2010 from the previous two years, with Louisianaand Washington D.C. holding the top spots for the most expensivestates to insure a car, according to the National Association ofInsurance Commissioners' latest figures.
|The NAIC released its 254 page “Auto Insurance Data Base Report2009/2010” this week, its latest report on the auto insurancemarket, which shows average premiums and expenditures rose close to$6 nationally to $907.38.
|Insurance Information Institute President and Chief EconomistRobert Hartwig says that the figures underscore a general patternin auto-insurance pricing.
|Hartwig says that, heading into 2013, premium and expenditureswill likely continue to increase for a number of reasons, such asinsured losses from severe weather damage throughout the country,and consumers replacing older cars they held onto during theeconomic downturn.
|“We don't expect to see radical changes in the numbers, but wedo expect to see a general upward drift in the numbers,” saysHartwig.
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This article was originally posted at PropertyCasualty360.com,a sister site of Credit Union Times.
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