Insurance Premiums to Drop in 2007

Ben Glass

Attorney
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In yet another sign that whenever you hear an insurance company whine about losing money all you have to do is say "show me the facts," the Insurance Information Institute has issued a press release that says you can expect to pay less in 2007 for car insurance.

The drop won't be great (.05%) but what is significant is that the auto insurance companies must be reaping enourmous profits to suggest that rates will not only hold steady, but decrease.

The Institute's press release says:

"Competitive marketplaces, safer cars, aggressive fraud-fighting and innovative underwriting are joining forces in 2007 to drive down the price of an essential financial product," said Robert Hartwig, exectutive vice president and chief economist of the I.I.I. "This is great news for drivers who were battered this year by higher fuel prices and rising auto repair costs."

Message from Virgina Car Accident Attorney Ben Glass:

The start of a new year is a good time to look at your auto policy. What happens if you get hit by an uninsured driver? I'll be happy to review any Virginia auto insurance policy and give objective, non-biased advice on what coverages to have, and how much.