Auto Insurance Rates are Rising!
According to a recent study by insurance.com, premiums for automotive insurance have been on the rise lately. As quoted by the Wall Street Journal, insurance quotes have increased by 3.4% on average during the second quarter of 2008, compared with the previous quarter.
The average quote was $1,893 annually, according to quotes given by 15 insurance companies across the States. Up until recently, auto insurance has been fairly friendly to consumers with flat or declining premium rates for the past few years.
Industry insiders cite rising medical costs and repair bills for the increase in premium rates. This new trend could result in various changes, especially driving habits of insurance holders. Less miles on the road means less likelihood of accidents and having to claim insurance. This is said to be likely to last through 2009.
