us AUTO INSURANCE RATES DECLINE ACROSS

insurance,car insurance,

 According to a recent survey by ValuePenguin.com, auto insurance rates fell in 2020 for the first time in a decade. The results of the survey predict a decline of 1.7 percent nationally.

us AUTO INSURANCE RATES
us AUTO INSURANCE RATES

The main factor in the decline is the epidemic-related discounts offered by insurance companies in 2020. The value of this discount is estimated at લ 14 billion in Triple-1. Triple-1 chief actuary James Lynch reports that many auto insurers are making this discount in rates for 2021 and driving by 50 per cent during the spring lockdown.

The only estimate of how many rates are falling depends on what you use. The Consumer Price Index (CPI) report for December 2020 shows that auto insurance rates across the country have declined by 4.8 per cent compared to the same month last year. In contrast, the CPI showed that the price of new vehicles had risen by 2 per cent in December and 0.5 per cent for the full year 2020.


The July 2018 comprehensive assessment of the Missouri auto insurance market by the state insurance department saw even greater declines. It found that, when adjusted for inflation, the average Missouri driver has seen a 17 percent drop in auto insurance premiums since 1998.

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