Vehicle Safety Agreement Could Result in Lower Car Insurance Quotes

Consumers could benefit from improved safety and lower car insurance quotes in the coming months in light of a new agreement announced by a coalition of automakers.

This week, a group of companies including Chrysler, Ford, GM, Honda, BMW and Toyota, among many others, announced that they had implemented a voluntary agreement involving vehicle safety. On September 1, each manufacturer was able to report that 100 percent of their applicable vehicles met the new safety standards.

Specifically, the accord focuses on improving results in front and side impact crashes.

"This voluntary agreement is actually a model for responsible action on behalf of automakers to improve occupant safety," said alliance CEO Dave McCurdy, going on to hail the prompt engineering action that the companies had taken to improve safety over the past six years.

The new standards are expected to reduce automobile fatalities by at least 19 percent, which could result in lower car insurance quotes over time for many parts of the country.