rates

Michigan average car insurance rates drop significantly, but still among highest in U.S.

By Rene Hensler 3 months ago

Months after Michigan’s new auto insurance laws went into effect, average car insurance rates have decreased substantially — but it’s still one of the most expensive places to insure a car, a new analysis found.

The Zebra, a national auto insurance comparison site, calculated average costs of purchasing car insurance in zip codes around the country using publicly available rate data between September and December 2020 for its 2021 State of Auto Insurance report.

The analysis found Michigan’s car insurance rates dropped 18% statewide and 19% in Detroit, where drivers have historically paid some of the highest auto insurance costs in the country. Michigan’s statewide average — $2,535 per year — still clocked in far higher than the national average of $1,483 per year, and with an average of $5,072 per year, Detroit still posted the highest average car insurance rates in the U.S.

The average annual rate for

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Surprising factors in how your car insurance rates are set

By Rene Hensler 3 months ago

In most states, you’re required by law to carry car insurance. Maybe you’re a loyal customer or you shop around for rates. But do you really know which factors have an impact on your premium? A new Consumer Reports investigation reveals that what you pay for insurance often involves a lot more than just your driving record.

The amount that insurers charge should be based on your risk as a driver. But CR found that some insurance providers are charging higher rates based on the amount of education you have or your job title, and it says that’s systematically and blatantly unfair.

CR requested 869 unique auto insurance quotes from nine different insurers across six states and Washington, D.C. It found that three major auto insurance companies– Geico, Progressive, and Liberty Mutual — quoted higher average premiums to consumers who had less education.

Insurers should really focus on the number

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Surprising factors in car insurance rates

By Rene Hensler 3 months ago

Surprising factors in car insurance rates

A new Consumer Reports investigation reveals that what you pay for insurance often involves a lot more than just your driving record.

In most states, you’re required by law to carry car insurance.

Maybe you’re a loyal customer or you shop around for rates.

But do you really know which factors have an impact on your premium?

A new Consumer Reports investigation reveals that what you pay for insurance often involves a lot more than just your driving record.

The amount that insurers charge should be based on your risk as a driver.

But CR found that some insurance providers are charging higher rates based on the amount of education you have or your job title, and it says that’s systematically and blatantly unfair.

Consumer Reports requested 869 unique auto insurance quotes from nine different insurers across six states and Washington, D.C.

It found

… Read More