Thursday, 07 January 2021 17:26

Auto Insurance Rates Decreasing in 2021 for the First Time in a Decade


...also see insurance premiums rise 28%.


Auto insurance premiums are 106% more expensive when compared to a decade ago. While 2021 sees its first drop in auto insurance premiums in a decade, rates are significantly higher than what Americans paid a decade ago, and rates have increased every year since 2011.


Rates will rebound in 2022---as Americans get back to normal, auto insurance rates will rise again. The increase in distracted driving and more expensive claims from smart technology in vehicles will continue to drive rate increases.


According to Sterling Price, auto insurance expert at ValuePenguin.com, "Car insurance can be a difficult and time-consuming topic to understand. This report attempts to unmask some of these key issues and uncover ways Americans can save more money.


"Our analysis shows that premiums can vary by 242% between the largest insurance companies, so you can save a lot by comparing quotes. Switching your car insurance from full to minimum coverage could see your premiums reduce 155%, and improving your credit score could decrease your auto insurance premiums by as much as 70%."


ValuePenguin.com analysts analyzed 15 million auto insurance quotes for drivers across the country from the Quadrant Information Services database. These, combined with RateWatch filings, were used to illustrate the current and historical overview of the auto insurance industry.


Analysts used a 30-year-old male who drove a 2015 Honda Civic EX as a sample driver for this analysis, and quotes were drawn from all available ZIP codes across the U.S.


To view the full report, click here.


Source: ValuePenguin


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