You'd better shop around

Depending on where you live, your quotes for auto insurance premiums may have increased by nearly 22 percent--or decreased by almost 14 percent--during the past year, reports Insurance.com, the largest online auto insurance agency in the United States. That's why shopping for car insurance can pay off in savings.

Insurance.com's 2004 Auto Insurance Pricing Report highlights the average change in auto insurance premium quotes on a state-by-state basis, based on actual pricing information from 12 of the nation's leading auto insurance companies. The quote information was collected from more than 100,000 car insurance quotes provided by Insurance.com to its customers in 2004.

"The beginning of a new year presents a good opportunity for consumers to evaluate their options and possibly save hundreds of dollars on comparable insurance policies," said Lou Geremia, president of Insurance.com. "This report highlights the tremendous variability in auto insurance pricing across the country. Our data, combined with several external measures, indicates that consumers may be able to take advantage of opportunities presented by carriers with aggressive pricing strategies."

According to the report, the average U.S. household received an annual auto insurance quote of $2,343 in 2004, representing a $138, or six percent, increase over the average annual premium quote in 2003. But the rate of change varied widely from state to state. Consumers in Louisiana, for example, saw their annual premium quotes increase 21.6 percent, while residents of New Hampshire saw a 13.9 percent decrease. The report also points out a wide disparity in the actual premiums quoted for consumers in different states. In New York, the average quote was $3,292, compared with $1,222 in North Carolina.

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