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December 7, 2006 / Author: Tim Bain

Auto Insurance Rates to Fall in 2007

QuickQuote Term Life Insurance Blog

The Insurance Information Institute (I.I.I.) is reporting the average auto insurance premium will drop roughly 0.5 percent in 2007. The average annual cost for an auto insurance premium is estimated to be $847.00.  The change amounts to a $4.00 per policy savings over 2006 premiums, or barely enough for a Starbucks Caffe Latte.

The I.I.I. credits the decrease in auto insurance premiums to a competitive marketplace, declining claim frequency, safer vehicles and innovative underwriting among other factors. The millions of baby boomers entering their safest driving years are also cited as a factor in the decline of premiums.

There are several ways consumers can further decrease their auto insurance premiums in 2007:

  • Increase Deductibles – This can result in savings of 25% or more.
  • Maintain Good Credit – Insurance companies are increasingly using credit-based insurance scores to determine premiums.
  • Shop for Better Rates – The current competitive marketplace and convenience of the Internet make this a simple way to save.

So enjoy your extra $4.00 next year.  And if you decide to drop the savings on that Starbucks, try not to drive with it in your lap.

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Tim Bain

Tim is a licensed life insurance agent with 21 years experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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Applications for life insurance on QuickQuote.com are made through QuickQuote Financial, Inc. or through its designated agent, Timothy S. Bain, only where licensed and appointed. License numbers are available here and are automatically provided where required by law. QuickQuote's National Producer Number is 1927227. Timothy S. Bain is a licensed life insurance agent in 49 states, including the District of Columbia, and his resident state of Nevada. Timothy S. Bain's Nevada license number is 45949; in California, 0D23811; in Louisiana, 274924; in Massachusetts, 1762164; in Minnesota, 20267005; in Texas, 1092088; and in Utah, 134031.
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