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March 24, 2005
Auto Insurance Premiums Increase Slowly in 2005
Auto insurance premiums will increase in 2005, the at a slower rate than inflation.
Nationwide, the cost of auto insurance is expected to rise by just 1.5 percent in 2005, the smallest increase in five years, according to the Insurance Information Institute.
The average cost for auto insurance nationwide for 2005 is estimated at $870, an increase of $13 per vehicle from last year, reports the I.I.I. The projected increase represents a continued slowdown from 2004, when auto insurance costs rose by just 2.8 percent, said Robert Hartwig, senior vice president and chief economist of the I.I.I.
“The price of auto insurance is increasing by little more than one-half the rate of inflation,” Hartwig said. “Many people who, for example, drive safe cars, have excellent safety records and good credit-based insurance scores may see their rates go down.”
Hartwig cited the declining number of auto accidents, safer cars, new auto theft technology and fraud-fighting efforts as key factors behind the trend.
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Posted on March 24, 2005 12:04 AM by car in226.
Filed in Fast Cars under car insurance.
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