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Regulators Force New York Insurers to Offer You a Cheaper Auto Insurance Quote August 11, 2008

Getting a cheap auto insurance quote online has just got easier for residents of New York.

During the global credit crunch we are all used to prices going up so its nice to have some good news from the New York Insurance Regulators. The New York State Insurance Department has issued a document ordering insurers to explain any request to raise rates as they feel that auto insurance price increases are not currently justified. Super insurer Geico has already withdrawn two requests to increase rates on 2 of its key products and “significantly reduced” its proposed increase to its 3rd product which deals with high risk drivers.

The New York State Insurance Department has acted because driver behaviour has changed due to record gas prices. Drivers are making less non-essential trips and car pooling on grocery and shopping trips. This means there are less cars on the road therefore accidents are less likely to occur. Insurance companies seem to agree with this view as they have seen big decreases in their losses. In fact, in May 2008 Americans drove 9.6 billion miles less than in May 2007, the third largest drop in 66 years!

If this continues then motorists in other states can look forward to a reduced auto insurance quote from your insurer.

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