Aug 30

Average Auto Insurance Prices Saw No Change between June and July

2011-08-30 08:58:54 (GMT) (WiredPRNews.com – Auto News, Press Releases, insurance)

Washington, DC (WiredPRNews.com) The average cost of a car insurance policy in the United States remained stagnant between June and July, according to the Bureau of Labor Statistics (BLS).

The BLS indicated in its latest report on consumer prices that the cost of all items rose by a mere one-tenth of 1 percent between the two months, while car coverage costs saw zero percent change.

Data included in the BLS’s July Consumer Price Index (CPI) report show that policy prices in July 2011 were about 3.3 percent higher than in July 2010.

Source: http://bls.gov/cpi/cpid1107.pdf

That represents a pretty small change for all insurers over the course of a year, but rates at some companies may have changed more than others, and reevaluating coverage options may still be a good idea in order to maximize savings. Finding cheap auto insurance for teenagers and other high-risk groups, though, is still likely to be difficult.

Vehicle insurance prices have remained pretty flat overall in 2011. The largest month-to-month increase was only one-third of 1 percent.

The prices evaluated for the CPI are based on hundreds of sample driver profiles spread out across the country. The driver info and coverage options are not changed over time, so the rates only fluctuate when insurers adjust their pricing structures or issue dividends to policyholders.

So even though the average prices in the CPI show upward or downward price trends, average Americans may actually be paying larger or smaller amounts on policies depending on changes in their own driver and coverage profiles.

To learn more about this and other insurance issues, readers can go to http://www.onlineautoinsurance.com/teenagers/ where they will find informative resource pages and a quote-comparison generator that can help shoppers efficiently evaluate their coverage options.

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