State’s auto insurance rates decline from 2004-05

SBJ Staff

Posted online October 10, 2007 | 9:58 am

Missouri has some of the lowest auto insurance rates in the nation, according to an annual report by the National Association of Insurance Commissioners released in September.

Only 13 other states have lower average premiums than the Show-Me State, according to the study, which was cited in a news release from the Missouri Department of Insurance, Financial Institutions and Financial Registration.

In 2005, Missourians paid an average premium of $805 for auto insurance, down from $826 in 2004, according to the report. Average auto insurance premiums in 2003, 2002 and 2001 were $822, $778 and $737, respectively, according to the report.

Missouri’s average auto insurance premium fell 2.5 percent from 2004 to 2005, compared to a 1.2 percent decrease for the national average during the same period. In 2005, the national average premium was $949, compared to $961 in 2004.

“This report demonstrates that Missourians are benefiting from this state’s fair and competitive auto insurance market,” DIFP Director Doug Ommen said in the release. “This type of market provides consumers with a great environment to shop around for the best service and price.”[[In-content Ad]]