Insurance
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Inflation may be muted, but not when it comes to your auto insurance rates
(15 Feb 2018) Did you notice a hike in your auto insurance premiums lately, despite having no new claims? It's not you, it's your insurance company. Technically, it is your insurance company trying to cushion the blow of higher expenses. In a typical year, auto insurance rates tend to go up at the rate of inflation. This past year, however, they were up an average of 7%. There are several factors for the big rate hike, predominate among them is distracted driving, i.e. jugheads trying to text on their smartphone while they should be paying attention to the road. While there were slightly fewer deaths in America last year from traffic accidents (thanks to improved safety technology), the number of incidents rose. With more advanced systems in the vehicles, the insurance companies are shelling out more money for repairs. Sadly, we are all paying the price as the insurance companies struggle to remain profitable in an era of juvenile behavior behind the wheel.
(15 Feb 2018) Did you notice a hike in your auto insurance premiums lately, despite having no new claims? It's not you, it's your insurance company. Technically, it is your insurance company trying to cushion the blow of higher expenses. In a typical year, auto insurance rates tend to go up at the rate of inflation. This past year, however, they were up an average of 7%. There are several factors for the big rate hike, predominate among them is distracted driving, i.e. jugheads trying to text on their smartphone while they should be paying attention to the road. While there were slightly fewer deaths in America last year from traffic accidents (thanks to improved safety technology), the number of incidents rose. With more advanced systems in the vehicles, the insurance companies are shelling out more money for repairs. Sadly, we are all paying the price as the insurance companies struggle to remain profitable in an era of juvenile behavior behind the wheel.