Auto rates increased an average of 9% for drivers in 2022, with 1 in 5 US drivers reporting multiple auto rate increases over the 12-month period, according to Insurify. Unfortunately for drivers and auto insurance consumers, these rate increases are expected to continue in 2023. More accidents, rising medical and litigation costs, more frequent and severe natural disasters and inflation-driven auto repair costs are all expected to contribute to continued auto rate increases in 2023. In fact, US drivers are expected to spend on average $1,895 more in 2023 for the same coverage they had at the end of 2021, said Insurify. [Read more…]
Navigating an Auto Claim
Getting into an automobile accident is scary enough without the added stress of being unsure how to handle the situation. [Read more…]
Electric Vehicles Present New Insurance Challenges
Electric vehicles (EVs) continue to gain traction in the U.S. auto market. Last year, Americans bought nearly 450,000 EVs—an 83% jump over 2020. With many federal and state governments pushing for lower CO2 roadway emissions, EV demand is expected to soar during the next decade. [Read more…]
6 Tips for Adding a Teen to Your Auto Policy
If your teen is approaching driving age, it may be time to start thinking about adding them to your auto insurance policy. Although this will likely increase your insurance premiums, it is typically cheaper than having your teen purchase an auto policy in their own name. Here are six tips to consider when adding a teen to your auto insurance policy. [Read more…]
Is Cheaper Insurance Better?
So many people make the mistake of only looking at numbers when choosing insurance. We understand you don’t want to break the bank, but you also need to protect the money in the bank. Many dealers are seeing an increase in their garage liability premiums and want to search for a cheaper option. But cheaper insurance premiums may cost you more money in the long run.
A Cheaper Insurance Policy Could Cost You More
Recently we reviewed a dealer’s insurance policy from the previous year… his premium was less than $1,000! Wow, this guy hit the jackpot, right?! Wrong. His policy coverages were very limited. If he had been hit by someone who didn’t have insurance at the time of the auto accident, he would have no coverage for his damaged automobile or his medical bills. Why is that? His policy did not contain uninsured motorist coverage (required by law) or physical damage coverage. He could’ve purchased this coverage for only a couple hundred dollars more but this accident could cost him tens of thousands of dollars. What effect could this have on his business? Is the insurance premium savings worth not having the insurance coverage that could’ve saved him a lot of money in car repairs and hospital bills? Are you willing to take that risk for you or a loved one driving your auto?