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Car insurance in Detroit is expensive, lags Miami, Tampa

  • February 19, 2023

Metro Detroit has the third-most-expensive car insurance in the country, according to a new report.

Only Miami and Tampa residents spend more of their income on premiums than in metro Detroit, where residents pay $3,067 each year, according to the report from Bankrate.com, which looked at the 25 largest metro areas in the country, by population.

Michigan’s the seventh most-expensive state for car insurance, with an average annual premium cost of $2,691.

Miami residents pay $3,447 a year and in Tampa, car insurance costs $3,302 annually, according to the report. With average premiums of $3,139 annually, New York is the most expensive state for car insurance, the report said.

The high insurance premiums in metro Detroit mean residents spend nearly 5 percent of their household income on car insurance. The national average is $2,014 a year, nearly 3 percent of the average U.S. income and almost 14 percent higher than a year ago. Bankrate data shows metro Detroit costs are 6.79 percent higher than they were in 2022.

High auto insurance rates were part of the impetus behind a rework of Michigan’s no-fault insurance law in 2019.

The higher costs are due to inflation, labor shortages and supply chain disruption, Cate Deventer, a Bankrate analyst, said in a statement. She said individually, the factors increase the costs of claims and when combined, they significantly drive up the cost to repair or replace a vehicle.

And the costs can be even higher depending on circumstances. Causing a car accident increases metro Detroit car insurance premiums to $4,270 a year; a married couple who adds a 16-year-old driver will see rates rise to $6,455 a year and a drop in credit will lead to a jump in costs to $8,056 a year, according to Bankrate’s report.

In metro Detroit, a drop

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Report: Price of comprehensive car insurance in NI remains well below UK average

  • September 12, 2022

Comprehensive car insurance in Northern Ireland on average is far below the UK as a whole, according to a new survey.

he average price of insurance per year here is £496, according to the confused.com insurance price survey.

The highest average price across bands here, running from young drivers to the oldest, is £540 while the lowest is £451. The company would not immediately give region-specific details or on the different bands.

According to the survey, the average price of insurance across the UK is £554, up from £522 a year ago, a 6% increase.

Premiums increased by £32 in the last 12 month across the UK, according to the survey, carried out in association with WTW, an advisory and broking company.

Motor insurance premiums have risen in the last three quarters, but there was only a small rise of one per cent, or £4, in the last three months.

The index is based on price data compiled from over six million customer quotes per quarter.

Tim Rourke, of WTW, said: “A combination of rising accident frequency after the pandemic lull and surging inflation sees upwards pressure on insurance prices coming from claims costs and repairs.

“These challenges are compounded by insurers also having to respond to the FCA’s pricing reforms, effective from January, which bans renewal prices being higher for existing customers than for new business.”

From April to June 2022, the cost of comprehensive car insurance increased the most in Outer London, where drivers saw a quarterly rise of 3%, £17, with average premiums now at £704.

Drivers in the South of England saw the steepest quarterly drop in prices, with their insurance premiums decreasing on average by one per cent to £437.

Inner London remains the most expensive region, where prices are now on average £882, having

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These Upgrades May Shrink Your Home Insurance Costs

  • September 10, 2022

Along with food, gas, and many other essentials, home insurance costs are on the rise in Canada.

Issues like climate change and increased rebuilding costs mean insurance companies are paying more to settle claims — an expense they pass on to customers.

It’s unwise to be without home insurance, or to be underinsured. So if you’re looking to shrink your home insurance premiums, improvements that make your home safer or less damage-prone may be the better route.

How are home insurance premiums determined?

Insurance companies consider a variety of factors when determining the cost of home insurance. They start by estimating your home’s value. Then, they calculate how much it would cost to repair or replace the structure and its contents based on numerous factors, including:

  • Location and type of house.

  • Size and age of your home.

  • Proximity to a fire hydrant (the closer the better).

  • History of previous claims, if any.

  • Type of electrical wiring and heating.

  • Whether or not you have a finished basement.

  • Level of finishes.

  • Replacement cost of contents.

Homeowners who make property alterations that reduce their chances of filing a claim are sometimes rewarded with discounts. It’s very similar to the way that a violation-free driving record and a vehicle with extra safety features can sometimes earn you cheaper car insurance — they’re indications that you’re less likely to have a costly accident.

6 home upgrades that may shrink insurance costs

Each home insurance company, policy and property is different, so there’s no guarantee the following upgrades will result in a smaller bill. Read your own policy carefully and reach out to your insurance company before doing renovations to confirm what discounts are possible, if any.

1. New roof

Getting a new roof could help decrease your insurance payments, especially if the existing

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UK car insurance premiums increase by 6%, industry facing a “raft of challenges”: WTW

  • September 7, 2022

Comprehensive car insurance premiums have increased by 6% (£32) during the last 12 months, with UK motorists now paying £554 on average, according to data from WTW and Confused.com Car Insurance Price Index.

Car lot imageWTW recently warned that UK motor claims inflation was on the rise, as the broker recently revealed that the average cost per claim in 2021 was £5349, up from £5037 the previous year.

Car insurance premiums have now seen consecutive annual increases over the last two quarters, following the implementation of the new FCA pricing rules on 1 January, 2022.

Motor insurance premiums have now also risen for three quarters in a row, with a marginal rise of 1% (£4) recorded in the last three months.

Further data shows that from April to June 2022, the cost of comprehensive car insurance increased the most in Outer London, where drivers saw a quarterly rise of 3% (£17), with average premiums now costing £704.

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However, drivers within the South of England benefited from the greatest quarterly drop in prices, with their insurance premiums decreasing on average by 1% to £437.

Meanwhile, Inner London still remains the most expensive region within the UK, with prices now on average £882 having increased in the last quarter by 2% (£18).

Manchester and Merseyside (£701) continues to be the most expensive area outside of the capital (£701), and only marginally less expensive than average premium prices in Outer London (£704).

In addition, the Scottish Borders retains its position as the cheapest region for car insurance, with prices averaging at £366, closely followed by the South West of England (£373).

Moreover, motorists in Enfield, Motherwell and Lancaster experienced the sharpest quarterly rise of 4% taking their average premiums to £730, £490 and £425 respectively.

West Central London (£1,046) continues to be the most expensive

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5 Ways to Lower Your Car Insurance Premiums

  • August 19, 2022

The cost of living keeps on going up, but that doesn’t mean you should be paying more for your car insurance than you need to. With Budget Insurance, you can save money on your car insurance premiums, while getting all the coverage you need. Here are 5 top tips to help you save money on your premiums…

PARTNED CONTENT

There is no question that having adequate car insurance is an essential expense. You just never know what can happen on the road and being fully protected isn’t a luxury – it’s a necessity. However, that doesn’t mean insurance premiums should exhaust your disposable income. In this article, Budget Insurance suggests a handful of ways in which you can reduce what you pay for car insurance every month.

1. Choose the type of car you drive carefully

Does the type of car you drive affect your car insurance premiums? Yes, it does. In fact, it’s a major consideration. The general rule of thumb is that the more expensive a car is, the higher you will pay for car insurance. This is because repairs or replacement costs will be higher in the event of the car being damaged or stolen.

But there are a few more factors to think about when buying a new set of wheels. This can include the vehicle’s age, whether it is a luxury model, safety features and the statistical chances of the car being involved in an accident or stolen.

Buying second-hand can be a good option, but consider these important factors before you shell out any money. This is because newer cars are equipped with more expensive features, which are more costly to replace than those in older models. Your vehicle’s body style could also have an impact on insurance costs. For example, SUVs garner

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How can young drivers reduce their car insurance premiums?

  • August 10, 2022

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Being a young driver is an incredibly exciting time. It’s a coming of age where you score one of your biggest achievements to date and gain a whole new level of freedom and flexibility. Of course, as exciting and life-altering as it is, one thing that can put a new driver off of the experience, is the fact that their insurance premiums are significantly higher.

Now, as frustrating as that might be, such is the reality. Due to the fact that older drivers have proven how to drive safely over the years without having any car accidents in the past, this should entitle them to an insurance discount. It is also no secret that young men can be notoriously careless at times. Thus, when driving behind the wheel, having a higher insurance premium gives a young new driver an incentive to keep their head down, drive carefully, and prove that they can be trusted on the roads.

How Can Young Drivers Reduce Their Car Insurance Premiums?

All that being said, is it possible for a young new driver to reduce their car insurance premium even slightly? Is there anything that can be done to soften the financial blow a little bit? In this article, we’re going to focus on ways that you can reduce your overall car insurance premium.

How can young drivers reduce their car insurance premiums?  |  News by Thaiger

Photo Via: Tadoo

1. Buy Compulsory Insurance (Por Ror Bor)

First of all, this isn’t something that we only recommend, it is required by law. Certainly, if you want to spend as little as possible you could buy only this insurance type when opting only for what is expected of you. However, you must bear in mind that this will only give you the most basic protection when driving on the roads. In the event that you do end

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Your job and education could be determining your car insurance rate

  • July 31, 2022

I went online last week to get a car insurance quote from Mercury Insurance. I went through the process twice, once listing my occupation as engineer.

All the rest of the information was the same — my age, address, driving record, car make — but as an engineer, I was given a lower monthly rate: $247.88 instead of $262.88 and a potential yearly savings of $179.89.

My price comparison experiment was inspired by a petition filed July 18 by Consumer Watchdoga taxpayer and consumer advocacy group, protesting Mercury Insurance Co.’s request to the California Department of Insurance to bump up its auto rates.

Mercury Insurance, a major car insurance provider in Californiais asking to raise its rates on customers by 6.9%, or $131 million.

But a major factor that underlies Consumer Watchdog’s demand for a public hearing on the proposal is its claim that Mercury’s rates are not only “excessive” but “unfairly discriminatory.”

“It’s an issue that we have been fighting for many years to rectify in California where insurance companies have been illegally surcharging folks based on arbitrary job categories,” Consumer Watchdog Executive Director Carmen Balber told me.

In 1988, Californians passed Proposition 103, which required insurance rates to be based primarily on standards like driver safety and experience rather than arbitrary discriminatory characteristics, like employment status, credit score, place of residence or gender. Rate increases and other rate-setting factors now have to be approved by the Department of Insurance.

The use of gender in rate setting was officially banned in January 2019.

The department has never approved using education or occupation as a deciding metric per se, but insurance companies have found a loophole by providing discounts for what they call “affinity groups.”

Depending on the company, these discount categories include employees of the

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