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Insurance Today

Scouring the news wires, the CFA has uncovered some interesting articles covering recent insurance trends. You probably don't want to read all those articles, so here's the boiled-down facts:


•	Rates can vary dramatically: one study showed that the cost of liability insurance for a motorist age 25 to 64, with a good driving record, could range from $217 to $804 (article).
•	Some insurance companies pay high commissions to agents to persuade you to buy higher-cost insurance, yet you get no better service (article.)
•	A new study asserts that the insurance industry is piling up the highest profits in 50 years, in part by systematically overcharging for insurance, cutting back on coverage, underpaying claims, and shifting costs to taxpayers (article).

To be fair, insurance companies respond that prudent cost-cutting and competitive pressures are the root cause of recent trends in the insurance industry. And here's some good news: Auto insurance premiums are expected to drop in 2007 for the first time since 1999. That's really encouraging when you consider that inflation jacks up most other prices about 3% yearly! The roads are getting safer, and insurance companies have been getting better at catching the cheaters whose scams raise insurance costs for the rest of us.

There are plenty of good insurance people who try to treat people fairly. The only way to make sure you're being charged a fair price is to shop around. You don't have to pay as much as some insurers want to get out of you.

(Next Gem: How To Save On Auto Insurance)

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