Rate cuts allowed auto insurance buyers to save money on premiums

The car insurance rates declined 3.5% in 2009 to $1,803 per year. After rate increases of 8% in 2008, the rate cuts this year allowed auto insurance shoppers to save money on premiums by purchasing new policies, reported by Insurance.com.

According to insurance.com, the overall car insurance rates rose from $1,810 at the end of 2007 to $1,954 in 2008, they dropped down to $1,803 as of November 2009. The reports further states that November showed lowest car insurance quotes. The decrease followed a .09% decrease from $1,893 to $1,876 between the first and second quarters of 2009.

Sam Belden, vice president of Insurance.com, said: Car insurance rate decreases in 2009 came as a relief for many consumers. We expect rates to hold steady or continue falling as we enter 2010. It’s a great time to shop for insurance.