One of the most significant investments that we can possibly make as an adult outside the purchase of a house is the purchase of an automobile. The costs involved in the outright purchase and the subsequent care, maintenance and repair of a motor vehicle can render quite a huge cut in our budget. It stands to reason though that many car owners have already realized full well the benefits that a comprehensive car insurance plan can bring to them.
Auto Insurance Prices
Now is as good a time as any to get in on the insurance bandwagon especially when it comes to coverage for your prized automobile as according to the website “Insurance” 2006 Auto Insurance Pricing Report, car insurance rates are on a serious decline. This is surely a welcome bit of good news for car owners everywhere. The report goes on to state that the area where you live has in fact a great deal to do with the insurance rates that you will have to pay for your car. This is because car insurance companies across the country typically follow a pricing scheme that is heavily dependent on the local laws of their state. As it turns out, New Jersey and Minnesota in particular are great places to be car owners if you are planning on a comprehensive automobile insurance plan. New Jersey has registered a staggering 26.6% decrease in insurance rates from the year 2005 while Minnesota clocked in a very respectable 18.8% decrease in car insurance rates from the same year until the present.
You do not even necessarily have to live on those two particular states to experience the benefits of this decline insurance rates since as many as 37 states all across the country have noticed a similar decline beginning in the year 2006. No matter which way you cut it, that occurrence is a significant reprieve from the previously astronomical car insurance rates that car owners all over the world have become accustomed to over the years. Automotive insurance industry pundits have already long observed this significant downward trend in insurance rates and the report that was released by in the year 2006 only serves to confirm this observation. This statistics are, by the way, culled from reports taken on car insurance rates from over 47 states across the country.
One interesting aspect in all of this however is that even with the decline in auto insurance costs, some of the affected states are still paying some of the highest recorded car insurance rates in the country. Louisiana for example, who had registered a decline of 6.1% still paid an average of $2,832.78 for automobile insurance in 2006. The state of New Jersey, which we had already previously mentioned as experiencing a 26.6% decline in automobile insurance rates, still paid an average of $2,736.71 in the year 2006.