How the gas price effects the insurance industry in New York

Here is a great article in our local newspaper reporting how the increase in gas prices translates into lower insurance premiums due to reduced traffic:

"Insurance regulators say high prices at the pump may help keep a lid on New York's auto insurance rates, which are the third highest in the country.
Insurance Superintendent Eric DiNallo says Geico agreed to withdraw a rate increase request for most of its customers after the Insurance Department questioned how higher gas prices are reducing auto travel in New York. He says federal data shows New Yorkers drove 500 million fewer miles in May than in the same month last year, so it stands to reason insurers costs would be lower because of the reduced traffic.
DiNallo says all insurers now must justify their rate-increase requests in light of the reduced traffic, and he expects others to follow Geico's lead.

Story posted in the Times Herald Record on August 6, 2008.

EVEN WITH THE GECKO, PEOPLE STILL WANT THE PERSONAL TOUCH!!

The recent JD Power and Associates 2008 Insurance New Buyer Study finds 55 percent of all new auto insurance sales are handled by local agents. They study also finds that buyers who purchase their auto insurance policies through local agents give significantly higher average satisfaction scores compared with those who purchase policies from call center representatives or via Internet channels.

So no matter what you hear on the radio from a certain talking reptile, people still prefer spending 15 minutes with a human that they know and trust rather than a call center or website. An independent agent has access to numerous companies which allows the consumer to know that they are truly getting the most comprehensive policy at the most competitive price. If you are working with an agent who is writing for one specific company(ie.. State Farm) then it really limits the policy type and pricing that can be obtained.

THE MISNER AGENCY is and independent agent. Please call us today for all your insurance needs.