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Will big oil spill affect auto insurance rates or how to compare auto insurance quotes?

Dori Friend: Will the big oil spill affect auto insurance rates or how to compare auto insurance quotes? This question is asked since ultimately the insurance companies will have to bear some loss in this. Would we have to review car insurance coverage to get low auto insurance rates.

Auto Insurance : Compare auto insurance quotes, review car insurance to get low auto insurance rates.

Response : Dori, a good question but I know some readers will think this is not appropriate, since what connection would be there between the oil spill and the auto insurance rates or how to compare auto insurance quotes.

Being in the insurance field for a long time, I agree with part of your apprehension, because insurance is related to all walks of life. The past few years have been tough for the insurance companies and this definetly affects the insurance market.

The Mexico oil spill has been one of the biggest so far and the liability claim for this is already estimated at 400+ million dollars and there is already a talk in the insurance circles that we are heading towards a hard insurance market. However with the present economic scenerio this might not be the case.

Yes, once it becomes a hard market there will be changes in the auto insurance ratings and the number of players would also be reduced. This would mean that the consumers will have to compare auto insurance quotes online and offline to get the best quotes and reveiw car insruance coverage if they want to save and get low auto insurance rates.

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This entry was posted on Sunday, May 16th, 2010 and is filed under Auto Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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