OAI: Affordable Auto Insurance Still Available Despite Rising Costs
San Francisco, CA, June 20, 2011 --(PR.com)-- According to the Bureau of Labor Statistics’ (BLS) most recent data on price trends in America, the price of insuring motor vehicles rose one-fifth of 1 percent between April and May. While that may seem like a minimal increase, the BLS reports that the cost of auto insurance in May 2011 was 3.8 percent higher than in May 2010.
Source: http://www.bls.gov/cpi/
That means the same $1,500 annual policy purchased 13 months ago could have cost around $1,557 if purchased last month.
But despite the fact that the BLS’s Consumer Price Index (CPI) report suggests premiums have been slowly but consistently climbing upward, low cost car insurance policies are still out there.
Consider this: the sample policies used in the CPI coverage pricing index are based on 665 sets of policy, policyholder and vehicle characteristics that are kept constant throughout its price-tracking. So if an insurer has to incrementally raise rates, the prices for those policies automatically go up.
Real-life policyholders, on the other hand, have much more versatility. They can relocate, get married, improve their credit scores, trade in for a cheaper car, alter coverage and/or deductible levels, shop around and find a cheaper provider and reduce the amount of miles they drive - all of which are likely to affect the amounts that they pay for auto insurance.
According to the Insurance Information Institute, bumping up comp and collision deductibles from $200 to $500 could reduce premiums for those coverage areas by 15 to 30 percent. It should be noted, though, that doing this will increase the risk assumed by the policyholder.
To learn more about these and other ways to save on coverage, readers can go to http://www.onlineautoinsurance.com/low-cost/ where visitors will have access to informative resource pages as well as a quote-comparison generator that can help consumers find the best rates among a set of competitive insurers.
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Source: http://www.bls.gov/cpi/
That means the same $1,500 annual policy purchased 13 months ago could have cost around $1,557 if purchased last month.
But despite the fact that the BLS’s Consumer Price Index (CPI) report suggests premiums have been slowly but consistently climbing upward, low cost car insurance policies are still out there.
Consider this: the sample policies used in the CPI coverage pricing index are based on 665 sets of policy, policyholder and vehicle characteristics that are kept constant throughout its price-tracking. So if an insurer has to incrementally raise rates, the prices for those policies automatically go up.
Real-life policyholders, on the other hand, have much more versatility. They can relocate, get married, improve their credit scores, trade in for a cheaper car, alter coverage and/or deductible levels, shop around and find a cheaper provider and reduce the amount of miles they drive - all of which are likely to affect the amounts that they pay for auto insurance.
According to the Insurance Information Institute, bumping up comp and collision deductibles from $200 to $500 could reduce premiums for those coverage areas by 15 to 30 percent. It should be noted, though, that doing this will increase the risk assumed by the policyholder.
To learn more about these and other ways to save on coverage, readers can go to http://www.onlineautoinsurance.com/low-cost/ where visitors will have access to informative resource pages as well as a quote-comparison generator that can help consumers find the best rates among a set of competitive insurers.
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Contact
Online Auto Insurance
Benjamin Zitney
909-784-2475
http://www.onlineautoinsurance.com/
Benjamin Zitney
909-784-2475
http://www.onlineautoinsurance.com/
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