Kentucky and and Inidana residents are having a tough time with rising gas prices like everybody else but may find some savings when insurance bills arrive.
Auto insurance rates in Kentucky and Indiana are expected to fall for a second year, and homeowners insurance rates should rise only slightly after years of steeper climbs.
Competition among insurance carriers and a small amount of weather damage in recent years appear to be driving the trend.
The average auto insurance premium in Kentucky already has dropped 0.4% in 2008, on top of a 1.3% decline in 2007, according to the state Office of Insurance.
Private insurance carriers are becoming more savvy about how they project risk, with a growing number placing emphasis on a person’s credit score.
That can mean lower rates for some people, but not everyone.
Insurance rates also follow a cyclical pattern, with rates that fluctuate based on the level of claims from natural disasters and other events. Insurance rates skyrocketed after the Sept. 11, 2001, terrorist attacks, followed by much smaller increases in recent years.
In 2005 auto insurance premiums in Kentucky were the 26th most expensive nationally, while Indiana’s were 41st. Kentucky was 39th for homeowners insurance, and Indiana was 36th. The priciest states were New Jersey for auto and Texas for homes. The cheapest were North Dakota for auto and Idaho for homes.
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