July 25, 2005
Auto Insurance Rates Continue to Drop According to Report
CLEVELAND, OH - July 25, 2005 - Insurance.com, the largest online auto insurance agency in the United States, owned and operated by ComparisonMarket, Inc., reports an overall decrease in auto insurance rates for the first half of 2005. The company`s "2005 First Half Auto Insurance Pricing Report" shows a decrease in auto insurance premiums by nearly 2 percent during the first half of 2005.
According to the report, the average consumer received an annual auto insurance quote of $2,323 in the first half of 2005. This is a $43, or a 1.8%, decrease over the average annual premium quoted in 2004.
"The use of the internet by consumers researching and shopping for insurance is starting to become a factor in driving down the cost of auto insurance," said Dave Roush, CEO of ComparisonMarket. "Consumers are increasingly going online to make apples-to-apples comparisons on their auto insurance and get the best possible rate. This trend, combined with external factors is making it necessary for insurance companies to become more competitive with their rates." Despite the national decline in auto insurance rates, not all consumers saw their premiums decrease. In fact, more than 30 states actually saw increases to the average annual premium quoted, proving that where you live is a key factor in what you pay for auto insurance.
Insurance.com`s report highlights the average change in premium quotes on a national basis. The report compares the average premium from the first half of 2005 against the average premium for all of 2004 in every state*. The information comes from actual auto insurance quotes consumers received from 12 of the nation`s leading companies who participate on Insurance.com`s comparative platform. The information was collected from more than 2 million insurance rate quotes provided by Insurance.com to its customers in 2004 and over one million auto insurance rate quotes collected in the first half of 2005.
ComparisonMarket, Inc., based in Solon, Ohio, owns and operates Insurance.com. The Insurance.com website enables consumers to instantly compare and buy competitive auto insurance quotes directly from any of more than a dozen leading insurance companies. When ready to purchase, users have the option of completing the transaction online or talking directly to an unbiased licensed agent. Other products include life, health and home insurance as well as travel, dental and pet health insurance.
In addition to Insurance.com, ComparisonMarket provides private labeled solutions to financial institutions, affinity groups and online marketplaces to offer their customers real choice and savings opportunities on auto insurance.
Dave Roush, CEO
While the "2005 Auto Insurance Pricing Report" is a broad indicator of pricing activity in the personal auto insurance marketplace it reflects only the pricing activity of carriers that have participated in the ComparisonMarket auto insurance marketplace in the states where it quotes (all states except Alaska, Hawaii, Massachusetts, New Jersey) and the aggregate profile of consumers who shop using the ComparisonMarket platform.