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Lower Car Insurance Premiums

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International Trend

Right now, there is an international trend in lower car insurance premiums. In Great Britain premiums have fallen sharply. Even most states in U.S. see lower costs.

The reason? Safer cars and lower costs for insurance companies.

Averages in U.S.

National Association of Insurance Commissioners (NAIC) uses a five-year running average of annual premium costs. This year’s data shows that premiums have declined in most states. Some states, as much as 2 to 4 percent. Drivers with good records and modestly priced cars can benefit even more from this trend. Oklahoma is the only state where the average increased by more than 1 percent.

Premiums vary greatly between states. An annual car insurance policy in Washington, D.C., as an example, is twice as expensive as the average premium in Iowa. A car owner in Florida pays 27 percent more than the average U.S. vehicle owner.

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