Why has my Auto Premium Increased?
As I am sure you have seen, auto rates are significantly changing throughout the entire industry. We are seeing this for a number of reasons: A surge in average miles driven and a rise in distracted driving has caused an increase in the frequency of claims for auto policies. We are also seeing an increase with the severity of claims due to higher litigation costs and higher attorney representation rates, settlement amounts for liability losses driven by bodily injury claims, and higher physical damage claim costs due to the growth of new technology (i.e backup cameras, GPS systems, sensors, etc) and the auto repair costs that come with the newer technology. All of these factors are directly driving changing rates.
