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Auto Policyholders Benefit from Competitive Markets

The Insurance Information Institute (I.I.I.) says auto insurance coverage could be affordable and accessible for all motorists if insurance marketplaces become highly competitive...
February 5, 2013

The Insurance Information Institute (I.I.I.) says auto insurance coverage could be affordable and accessible for all motorists if insurance marketplaces become highly competitive. The I.I.I. notes that the National Association of Insurance Commissioners (NAIC) found that the typical U.S. driver saw his or her annual auto insurance expenditures fall to $791.22 in 2010, more than 3 percent less than they were paying in 2006 ($817.99), according to the NAIC’s 2009/2010 Auto Insurance Database Report.

State insurance regulators are responsible for evaluating and approving the various rating criteria that auto insurers use when pricing a prospective or current policyholder’s policy, which can include a driver’s age, gender, and in some instances credit-based insurance scores, education, and occupation.

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