Premium Rates Drop in West Virginia


According to reports, West Virginia authorities may have more reasons to celebrate this holiday season as auto insurance premiums seem to go down.  As 2009 comes to an end, a legislative audit committee reported that after having approximately more than 5,000 filed accident claims involving state automobiles and more or less $17.7 million to resolve such claims in past five fiscal years, West Virginia motorists may breathe a sigh of relief.

Premium Rates Drop in West VirginiaDuring the first week of December, the National Association of Insurance Commissioners has released its annual report showing that there has been a decline in West Virginia premiums since its staggering expensive rates from 2004. This annual report also focuses on key statistics that the public needs to know regarding car insurance from 2006 to 2009. In addition, information gathered for West Virginia showed that average costs of premium rates has decreased by roughly $56.21 since 2004, when before, average costs only stood at $874.96.

West Virginia Insurance Commissioner Jane Cline, said in a recent interview that the credit for premium decrease in recent years should go to the hard work done by people in Charleston. She said that after years of working very long hours with the Legislature and Gov. Joe Manchin to make the car or vehicle insurance market a lot better for consumers, finally paid off. She adds that after a number of years, West Virginia drivers and car owners can now enjoy an improved and refreshing sense of affordability and availability in auto insurance.

Industry insiders and lawmakers cannot help but to show how happy they are with how things are going in the state. With the country still recovering from economic difficulties, West Virginia auto insurance market proved to be strong and even provided hope for drivers and car owners that they too can cut back on expenses. Experts even predict that if all goes well in the market, better results can be expected early next year when the National Association of Insurance Commissioners releases its first quarter 2010 information.

On the other hand, local motorist groups are still apprehensive about this recently released information, claiming that it was used simply to lift West Virginia’s spirit during the holiday season. According to them, costs of car insurance coverage may have lowered down for the state, but this amount is still more expensive than the US average. According to State officials, regardless of what the public says, they will still continue to do their jobs and will make sure that premium rates are more competitive than before.