Tuesday, November 3, 2009

OnlineAutoInsurance.com Aids as Auto Insurance Coverage Requirements Rise

auto insurance

LOS ANGELES--(Business Wire)--
The struggle of finding cheaper rates continues as certain states such as
Wisconsin and Texas announce an increase in the minimum auto insurance coverage
requirements. OnlineAutoInsurance.com aims to help consumers as it becomes
increasingly important to comparison shop to find cheap rates.

As it is, Michigan residents pay some of the highest premiums in the nation and
raising coverage requirements may lead to even higher costs of insuring. One
method of maintaining cheap car insurance is with the use of
OnlineAutoInsurance.com`s valuable tool which helps motorists pinpoint the
cheapest rates with the ability to compare free quotes from a variety of
reputable insurers.

As of November 1, 2009, Wisconsin raised the minimum required limits of
liability to $50,000 for bodily injury to one person, $100,000 per accident and
$15,000 for property damage which is commonly abbreviated as 50/100/15. This is
substantially higher than the previous requirements of 25/50/10 and in addition,
the required amount of Uninsured and Underinsured motorist coverage will more
than double from 50/100 to 100/300. This will undoubtedly cause a rate increase
and finding lower rates will come down to effectively shopping and comparing

Additionally, Texas increased their financial responsibility limits in April of
2008 from 20/40/15 to 25/50/25 which resulted in higher rates and will further
increase liability requirements to 30/60/25 which may also lead to additional
premium hikes. According to the Texas Department of Insurance, "Shopping for an
insurance policy is similar to shopping for any major item. It`s best to compare
companies and products to find the best price, quality, and customer service."

Source: http://www.tdi.state.tx.us/pubs/consumer/cb035.html

Due to the low limits currently required by many states, it may just be a matter
of time before more states follow this trend and begin raising requirements and
subsequently auto insurance premiums. With the most effective way to locate
affordable policies being to shop around, OnlineAutoInsurance.com helps visitors
with a fast and efficient way to compare quotes from top rated insurers. In
addition, provided are useful tips for saving, helpful videos, a detailed and
printable list of discounts that may be applied and free quotes with no
obligation to buy.