Texas Auto Insurance Report: Market is Competitive, Rates Stable

OnlineAutoInsurance.com can help consumers take advantage of the increased competition in the Texas coverage market.

Online PR News – 07-January-2011 – – The Texas auto insurance market has seen greater competition, stable costs and fewer drivers enrolled in the state-run assigned risk program in recent years, according to the biennial report released by the Texas Department of Insurance (TDI).

Nine new insurers entered the Lone Star State’s coverage market between the beginning of 2009 and the end of 2010, and 22 existing insurers filed for new coverage products.

The increased competition should maintain the availability of cheap liability insurance in Texas, especially after the minimum limit requirements were increased at the turn of the new year. The commissioner told one media outlet that, as a result of the change, premiums may rise by 2 percent to 3 percent for motorists carrying only the state’s minimum liability coverage.

But overall rates remained in 2010, according to the TDI. Insurers in the state submitted 471 rate filings between the beginning of 2010 and the Sept. 30. Of those filings, 30 percent showed rate increases, 14 percent reflected rate decreases and the remaining 56 percent filed rates with no change.

“The industry statewide rate change was about zero percent,” the authors of the report wrote. “This is down from the average industry rate change of 3 percent in 2009, and influenced by some rate decreases taken by larger insurers.”

Source: http://www.tdi.state.tx.us/reports/documents/finalbie11.pdf

To learn more about finding the cheapest liability insurance in Texas, readers can go to http://www.onlineautoinsurance.com/texas/how-to-get-cheap-liability-auto-insurance-in-texas.htm where they will find informative resource pages and a free-to-use quote-comparison generator that can help consumers compare rates from a variety of coverage providers.

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