AUTO INSURANCE RATES DECLINE ACROSS THE U.S.

Updated: Apr 27

BY III

(Photo by Getty Images)

Auto insurance rates declined in 2020 for the first time in a decade, according to a recent survey by ValuePenguin.com. The survey results anticipate a 1.7 percent decline nationally.


A major factor in the decline are the pandemic-related discounts granted by insurers in 2020. These discounts have been valued at $14 billion, according to Triple-I estimates. Triple-I Chief Actuary James Lynch reported that many auto insurers are building these discounts into rates for 2021 and that driving declined by as much as 50 percent during spring lockdowns.


The estimate of just how much rates are declining depends on the metrics you use. The Consumer Price Index (CPI) report for December 2020 indicates that auto insurance rates declined by 4.8 percent nationwide compared with the same month last year. By contrast, the CPI showed the cost of new vehicles rising by 2 percent in December and by 0.5 percent for the full year 2020.


If you are in Waterford, Troy, Farmington Hills, Southfield, Rochester Hills, W Bloomfield, Pontiac, Royal Oak, Novi, Commerce, Orion, Independence, White Lake, Madison Heights, Oak Park, Auburn Hills, Oxford, Birmingham, Ferndale, Highland, Oakland County, Michigan Then Call Today for a free Insurance Quote!


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1007 W Huron St, Waterford Twp, MI 48328

(248) 681-2100

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