InsWeb Finds Auto Premiums Steadily Increasing
NU Online News Service, Sept. 9, 2 :54 p.m. EDT?The average consumer's automobile insurance premium has gone up $150 during the past 18 months, according to an index published by Sacramento, Calif.-based InsWeb Corp., an online personal lines quoting service.
InsWeb also reported that personal auto premiums have risen 54 percent since the first quarter of 2000, when the company first started tracking this data.
"The index suggests that prices continue to rise, and that consumers could save hundreds of dollars by shopping for their insurance online," said Hussein Enan, chairman of InsWeb. "For example, a recent internal analysis showed that consumers presented with five or more quotes at InsWeb saw a quote that was on average more than $500 lower than consumers presented with only three quotes," Mr. Enan added.
Although the InsWeb index may be slightly volatile from quarter to quarter, reflecting in part pricing activity by carriers participating on its Web site and profile shifts in consumers shopping online, it has been consistent with many independent measures of pricing activity since its inception, noted a statement issued by the company.
InsWeb's index is in line with a recent J.D. Power and Associates report finding that auto premiums have increased 13 percent since 2002. The average personal auto consumer paid $1,190 for auto insurance, compared to $1,050 last year, according to the Westlake Village, Calif.-based market research firm. Since 2000, premiums have risen 32 percent, the report noted.
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