Posted by Shawn Gao
It is a good and bad news. Auto Insurance rate droped around three percent from 2007 nationwide;however; New York drivers are still paying the most expensive insurance in the country. New York drivers paid an average premium of $1,179 in 2007, the last year for which information was available, the National Association of Insurance Commissioners said in an annual report.
That was down 2.8% from $1,213 in 2006, slightly higher than the 2.6% national average decline. The national average is $912.
Not only NY state drivers, but also NJ drivers have to twice expensive auto insurance cost. The average Garden State resident paid 4 percent less in auto insurance premiums in 2007 than the previous year — and 9 percent less than the peak year of 2004, the National Association of Insurance Commissioners reported this week. Nationally, rates fell by only 5.6 percent between 2004 and 2007.
Unlike the drivers in North Dakota and Winsconsin, both NY and NJ drivers pay as twice expensive as the drivers in these states. Nevertheless, it is hopeful that the direction of droping auto insurance rate is right. A affordable insurance is a good idea for the drivers to buy.
Source:
1.http://www.nydailynews.com/ny_local/2009/12/04/2009-12-04_ny_drivers_insured_for_less.html
2.http://www.app.com/article/20091203/OPINION01/912040324/1029/OPINION/N.J.+auto+insurance+rates+still+highest++but+...
3.http://www.property-casualty.com/News/2009/12/Pages/Auto-Insurance-Premiums-Drop-Nationwide.aspx
Good news, especially for NY and NJ residents. - Alma Zhumagulova
ReplyDeleteEven though this is small, it is still a step towards lowering auto insurance for people in New York and New Jersey. Auto insurance is very important so this price decrease will mean that more people will be protected under an auto insurance plan. - Jonathan Tse
ReplyDeleteWell its a good news that prices are lowering down and now more people can easily afford it. Even those who have already made an insurance policy should review their policy every year to know the current trend. If any other cheap offer is available a switch should be made.
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