Web Car Insurance Guide Launched ; N.M. Consumers Can Do Online Cost Comparisons

By Journal Staff Report

Shopping for car insurance in New Mexico may have gotten a little easier thanks to the Insurance Division of the state Public Regulation Commission.

The division launched an online comparison guide to New Mexico personal auto insurance premium costs this week, according to a news release.

The guide can be accessed by clicking on the "Compare Auto Premiums" button on the NMPRC Web site home page, www.nmprc.state.nm.us.

The auto premium comparison guide is the culmination of a project initiated by Alan Seeley, the division's chief property and casualty actuary, and Jason Marks, vice chairman of the PRC, to provide a tool to help consumers shop for the lowest rates and best service in personal auto insurance.

"We are pleased to offer this guide on our Web site that will assist consumers in making the best choice for their personal budgets," Superintendent Morris J. Chavez said in a news release. "This consumer guide is another great example of how the Insurance Division is working to serve all insurance consumers throughout the state."

The guide helps consumers compare premiums from companies that sell a large market share of auto insurance in New Mexico. The guide lists the insurance companies and the premiums they would charge for eight different hypothetical customers living in different parts of New Mexico.

Consumers can choose the scenario that most closely fits their situation from the provided list, and then click on their region of the provided map to bring up a chart of various premium prices arranged by scenario for their area. Scenarios range from 24-year- old single men and women, to households with several vehicles and drivers, to a 65-year-old widow.

Consumers can view circumstances common to all the price quotes by clicking on the "Conditions" button at the left side of the page. By clicking on "Call for a Quote," consumers can get a list of toll- free phone numbers for most of the companies featured in the comparison guide. The "Ratings" button provides complaint ratings and financial strengths of each featured company, with a link to an explanation of the ratings.

The premium costs listed for the eight different scenarios were provided by insurance companies in response to a data call issued last year by the Insurance Division. The Insurance Division plans to issue the data call every year in order to keep the guide up to date.

(c) 2007 Albuquerque Journal. Provided by ProQuest Information and Learning. All rights Reserved.