Ask; They Won't Tell!

   In the United States, the "average" Insurance Premium per automobile for Liability, Comprehensive, and Collision Coverages is about $901.00.  Tara Siegel Bernard, "Your Money / Car Policy For Less, But Only if You Call" p. B1, col. 1 (New York Times Nat'l ed., "Business Day" Section, Saturday, February 4, 2012), citing National Association of Insurance Commissioners' statistics for the year 2009, the most recent available.

   The "average" Insurance Premium depends not only on where you and your clients live in this country, but also on which Insurance Company is offering the Coverages.

   Your Insurance Company probably will not tell you if you or your clients are paying too much in Premium.  They are generally not required to do that.  The Insurance Company will understandably be only to happy to collect the Premium, without notifying you whether you are overpaying it.  Shopping around is up to you.  Ask questions.

   And put your questions to your Insurance Company directly.  If for any reason you must go through your Agent, ask your Agent to ask the Insurance Company.  Go to the end of the horse that speaks, in other words, go to the horse's mouth.

   The questions to ask are simple and direct.  For starters, ask the Insurance Company:  "Is there a plan or policy offering the same Coverages at a lower Premium than what I am paying now?"  Ask other Insurance Companies the same questions.  Shop around.  Do your research.

   It may save you in the end.  See also Tara Siegel Bernard, New York Times, supra; and this free downloadable copyrighted pdf guide published by the National Association of Insurance Commissioners: Download A Consumer's Guide to Auto Insurance (NAIC 2011).

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Comments

[Drew Mack]

$901 seems to be a bit low. Are these annual numbers? I remember reading an article yesterday about the average rates in Detroit which are nearing the $2000 mark. In New York, I pay about $1500, which is around average. Wouldn't $901 be nice?

[Dennis Wall]

Yes.

Checked the source, which as noted came from 2009 statistics maintained by the National Association of Insurance Commissioners.
Reconfirmed the $901.00 they reported.
As the post reported, the rates vary widely.

Thank you.

[Shanna White]

Thanks for the wonderful insights on auto insurance. I appreciate it!