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After several years of fairly heavy increases, auto insurance prices look to have started to flatten, with a much lower rate of increase predicted in 2004 by the Insurance Information Institute (III). The III also says that some consumers may begin to see their rates drop, especially good drivers with clean records.
The III expects the average cost of auto insurance to rise by only 3.5% in 2004, as compared to the nearly 8% increase in 2003. The reduced rate of increase is due to the declining number of accidents (due both to better drivers and safer cars), an increased crackdown on fraud and abuse, and improved insurer financial performance.
What does this mean for consumers?
If you have noticed that your auto insurance rates are still increasing with each renewal, or even have not gone down even though you have a great driving record, this lower pricing trend makes it more important then ever that you shop around for auto insurance. Why not take advantage of current low prices? Many auto insurance consumers are becoming educated on other companies, plans, and rates that are available to them; ones that could afford them significant savings on their auto insurance.
Why wait? You could be wasting valuable money paying too much on your current auto insurance policy. Continue to check prices and see how much switching to a new policy from one of the top companies online could save you.
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