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InsWeb Index Reveals Auto Insurance Rates Increased by More Than 10% in 2002

According to data from InsWeb, the index revealed that as a whole, prices for auto insurance nationwide in 2002 increased on average by approximately 11 percent over the prior year. For example, the average price quoted for a six-month auto insurance policy on InsWeb's marketplace during 2002 was $1,350 compared to $1,200 during 2001. Based on this data, consumers could be paying as much as $150 more for six-month policies when compared to 2001.

Statistics from the U.S Department of Labor indicate that the after-tax income for the average American household in 2001 was approximately $45,000. "According to this data, the cost of auto insurance based on a six-month policy in 2002 accounted for approximately 6 percent of the average household's income, a full percent increase over the prior year," said Hussein Enan, Chairman of InsWeb Corporation. "Auto insurance is a major expenditure for the average household. A few minutes spent researching alternatives can save most consumers several hundred dollars, and help them mitigate the effects of price inflation."

For the fourth quarter of 2002, rates for auto insurance appeared to stabilize, exhibiting a pattern similar to the previous two quarters. The majority, or nearly 59 percent, of the roughly 1.3 million quotes viewed by consumers during the fourth quarter were for 6-month policies.

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