The Texas Insurance News Daily! Texas Auto Insurance and Home Insurance News!

Texas Auto Insurance Report: Market is Competitive, Rates Stable

The Texas auto insurance market has seen greater competition, stable costs and fewer drivers enrolled in the state-run assigned risk program in recent years, according to the biennial report released by the Texas Department of Insurance (TDI).

Nine new insurers entered the Lone Star State's coverage market between the beginning of 2009 and the end of 2010, and 22 existing insurers filed for new coverage products.

The increased competition should maintain the availability of cheap auto insurance in Texas, especially after the minimum limit requirements were increased at the turn of the new year. The commissioner told one media outlet that, as a result of the change, premiums may rise by 2 percent to 3 percent for motorists carrying only the state's minimum liability coverage.