PA Consumers Benefit From Competitive Auto Market
Acting Insurance Commissioner Jessica Altman announced a national study indicating that Pennsylvania auto insurance consumers continue to benefit from the state's competitive market, with average premiums remaining below the national average and rising less than the U.S. average from 2011 through 2015, the period the report covers.
The report shows Pennsylvania’s average premium in 2015 was $971, which is 3.8 percent below the national average of $1,009. In addition, premiums increased on average by 7.30 percent in Pennsylvania over the four-year period, while the national average increase was 11.11 percent.
“We have more than 200 companies writing auto insurance in Pennsylvania, so all Pennsylvanians do have access to a competitive market,” Altman said. “When companies compete for business, it is a good deal for consumers.”