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Report from Bureau of Labor Statistics finds auto insurance premiums increased last monthPosted On Tue, March 22, 2011
A Bureau of Labor Statistics survey confirms what a lot of people probably already knew: auto insurance premiums are rising.
According to the BLS' Consumer Price Index, premiums for auto insurance rose approximately 0.3 percent between January and February. Compared to the same month last year, the increase was more significant at 4.2 percent.
Last week, Insure.com released data from its national survey on car insurance premiums. Nationally, motorists pay an average of $1,561 for their premiums on an annual basis, but almost half of the country pays more than that. At $2,541, Michigan residents pay the highest auto insurance costs, followed by Louisiana, Oklahoma, Montana and Washington, D.C.
Insure.com cites several factors affecting the increases, including wild weather, lawsuits involving disputes over accident claims, insurance fraud, and in Michigan's case, laws that guarantee unlimited personal injury protection to people who sustain injuries in a motor vehicle crash.
Vermont, South Carolina, Maine, Wisconsin and Ohio pay the lowest annual rates, according to the survey. Vermonters are the only ones who pay an annual premium that's below $1,000.
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