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Virginia insurer reduces coverage costs by 10 percentPosted On Mon, June 14, 2010
The cost of insuring a car is rising almost uniformly across the country. However, one insurer in Virginia has lowered its rates across the board.
Elephant Auto Insurance, which is based in Glen Allen, Virginia, said that it will reduce the cost of every insurance policy for Virginia drivers by 10 percent. The reason, the company said, is that the costs of owning a car, including insuring it, have steadily increased over the last few years.
The company said that the average driver in Virginia can save $540 when they switch coverage, and that more than 35 nationwide insurers increased their rates last year.
A recent article on the news site Huliq said that the cost of auto insurance is predicated upon a number of geographical and socioeconomic factors. Those factors include which state a policy is held in - those in Great Plains states get the best rates - and the economic health of the area. Those in wealthier or more populous locations pay more for their insurance because there are more new, expensive cars on the road, and the price of insuring them raises rates across the board.
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