FOR IMMEDIATE RELEASE
May 22, 2006
Contact OFIS Directly (toll-free): 877-999-6442
Media/Press calls: Kathy Fagan: 517-335-1700

A valuable tool designed to provide consumers with information about rates charged by auto insurers throughout the state was issued today, Office of Financial and Insurance Services (OFIS) Commissioner Linda A. Watters announced.

The 2006 Buyers’ Guide to Auto Insurance, published by OFIS, contains information and tips about purchasing auto insurance. It is an important part of the overall effort of the Granholm Administration to help protect and aid consumers.

“The Auto Buyers’ Guide is a convenient tool for consumers to use when shopping for their best deal on auto insurance,” Watters said. “The Guide includes a list of possible discounts for consumers to ask insurance agents about, because discounts can make a huge difference in the premiums people pay.”

It’s important for consumers to shop around to receive the best price for auto insurance. Consumers who renew insurance, or purchase insurance for the first time, should not assume that the first quote they receive is the best price they can get. Shopping around with several different insurance companies will allow them to choose the best available premium. 

“Insurance rates can vary greatly from company to company, so it's important to shop around,” Watters said. “The 2006 Buyers’ Guide to Auto Insurance is a helpful starting point for doing that effectively.”

Watters noted that rates given in the Guide reflect some but not all available discounts, so consumers should be sure to ask for all available discounts when they receive quotes.

Another important resource for consumers is the interactive version of the Buyers’ Guide, which also can be found on the OFIS website. It allows users to choose a profile that most closely fits their situation and location to get a general idea of rates for auto insurance. The user can either review sample rates for a select list of companies or review rates for all auto insurance companies that are included in the Guide.

More information on automobile insurance also is available on the home page of the OFIS website by clicking on the “Don't Buy Auto Insurance until You Read This” icon. This link will connect a user to many topic areas that pertain to purchasing auto insurance.

The 2006 Buyers’ Guide to Auto Insurance can be reviewed and downloaded on the Internet at www.michigan.gov/ofis under Publications / Guides / Automobile Insurance. Hard copies of the guide also are available by contacting OFIS toll free at (877) 999-6442.

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