The Federal Insurance Office Wants to Set a Limit for Auto Insurance Affordability!

LOS ANGELES, Oct. 24, 2015 /PRNewswire-iReach/ -- Lowestcarinsuranceratesonline.com has released a new blog post announcing that theFederal Insurance Office aims to regulate auto insurance prices.

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The Federal Insurance Office is concerned with the high percentage low earning households pay for auto insurance. The department aims to set a limit for auto insurance affordability which would represent 2% of an household's total income. Many low income families spend  as much as 5% of their household income on auto insurance.

If the policy passes, auto insurance affordability will be defined as costing less than 2% of a household's income. The FIO is currently planning to test the new policy and the threshold system in certain locations and urban areas.

Auto insurance providers strongly oppose the new law. Many detractors claim that auto insurance is already affordable and that many drivers pay 60% less on auto insurance that they pay for gas. Another report shows that the average policyholder spends 85% less on car coverage than on food.

Will the new law make auto insurance cheaper?

The law may make plans cheaper for low earning families, but higher earning households may have to spend more. Auto insurance affordability is an important issue as many drivers do not own any type of vehicle coverage. The FIO department hopes that by defining auto insurance affordability, all drivers will be able to purchase coverage.

Liability auto insurance is the only policy that is mandatory. Although the law may make this type of coverage cheaper, collision and comprehensive car insurance plans may cost more. Collision auto insurance is very important for achieving excellent financial protection when driving.

Drivers who cannot find affordable auto insurance, can always search and compare online car insurance quotes. Quotes are available online, on a single professional brokerage website:  http://www.lowestcarinsuranceratesonline.com/.

"Comparing car insurance quotes can make auto insurance affordable, without federal intervention. All it takes is just a few minutes, and every customer will be able to compare the best offers in his or her area for free." said Russell Rabichev, Marketing Director of Internet Marketing Company.

Lowestcarinsuranceratesonline.com is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to  offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

For more information, please visit http://www.lowestcarinsuranceratesonline.com/.

Media Contact: Russell Rabichev, Internet Marketing Company, 800.475.3410, [email protected]

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