Auto insurance premiums have declined significantly since 2000, according to figures released by the Missouri Department of Insurance. The average annual cost for full coverage peaked in 2003 at $740 — it dipped to $726 in 2013. In inflation-adjusted dollars, premiums declined from $930 to $726 during this time period.
“The auto insurance market is one of the more competitive markets in Missouri with 157 companies actively writing business,” said Department of Insurance Director John M. Huff. “For auto insurance, Missouri offers a regulatory structure that ensures transparency among insurance companies. This transparency encourages new companies to enter the Missouri market and increases competition among existing companies. That competition directly benefits all Missourians through lower premiums.”
Missouri law mandates rates must be actuarially justified and must not be excessive, inadequate or unfairly discriminatory.
For most major lines of insurance, including auto, companies file rates with the department for review. Health insurance is the only major line of insurance for which the department does not have rate review authority.
According to the National Association of Insurance Commissioners (NAIC) recently released its 2011/2012 Auto Insurance Database Report, 34 states have higher average auto insurance rates than Missouri.
The department encourages consumers to shop around at each policy renewal and compare rates to ensure they are getting the best value.
Source: Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP)
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