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Auto Insurance Trends Affecting Auto Insurance: What You Need to Know
March 6, 2018
Industry news is reporting that car insurance premiums are on the rise. This news may have you scratching your head. We decided to roll up our sleeves and research to find out why. Come to find out there are more reasons than you might think:
Injuries - In 2016 traffic fatalities increased by 6% to a 10-year high, reported by the Washington Post. The costs of crashes from injury and property damage increased by 12%.
Cars - There are 17.6 million new cars that were sold in 2016, a record high, CNN reports.
Distraction - 3 out of 4 drivers use social media, such as Facebook while driving. While 660,000 Americans are also on their cell phones while driving.
Technology - High-tech auto parts such as highlights, sensors, and cameras have caused claims to increase. In the last five years, the average claim has increased by $300.00
So what does this mean for you?
Along with practicing safe driving, be sure to understand your current auto insurance coverage. Consider being proactive and reaching out to your agent to understand all of your coverage options. Ensuring you have adequate coverage if unfortunate events come your way means less headaches for your future self.
Facts brought to you by the following online sources: CNN.com, NSC.org, Mitchell.com, Distraction.gov