In order to take the most advantage of what has been called a â€śhighly competitiveâ€ť market, consumers can use services like OnlineAutoInsurance.com to efficiently comparison-shop for coverage.
Online PR News – 02-June-2011 – – The Arizona Department of Insurance (ADOI) recently released its 2009/2010 Annual Report, which sends some mixed signals regarding levels of competition in the Arizona car insurance marketplace.
According to the report, the market is â€śhighly competitive.â€ť But despite that characterization and the fact that there were more than 200 private passenger insurers in Arizona in 2009, the market was pretty heavily concentrated. About one-eighth of the car insurers offering coverage in the state wrote nearly three-fourths of the stateâ€™s private passenger auto insurance premiums.
â€śIn 2009, only 20 insurers wrote more than 1 percent of the market,â€ť the report says.
The ADOI goes on to say that the market may be getting even more concentrated.
â€śThere continue to be mergers and acquisitions in the PPA market,â€ť the ADOI wrote in the report, â€śresulting in a few large groups dominating the market and with smaller, non-group affiliated insurers having difficulty competing with them.â€ť
But regardless of the state of competition, consumers appear to be benefiting from the current trend, at least cost-wise. The report indicates that between 2008 and 2009, the average policy premium declined by about 5 percent, going from $1,204 to $1,149.
The report also notes that the frequency and severity of accidents showed a drop between 2008 and 2009. It did not specify how large that drop was, however.
To learn more about this and other Arizona automobile insurance issues, readers can go to http://www.onlineautoinsurance.com/arizona/ where visitors will have access to informative resource pages and a quote-comparison generator that can help them quickly find the best rate for a policy.