Did your auto insurance in Renton rise in price? Here’s why.
Across the nation, auto insurance premiums are set to rise. Policyholders who’ve filed no recent claims may be confused about the increase and wonder what’s behind the extra charge. If you’ve noticed that your auto insurance in Renton is more each month, below are the common culprits.
More miles are driven on average. According to AAA, Americans are spending more time on the roads. Driving more miles increases motorists’ likelihood of having an accident. Additionally, there are more drivers on the road due to lower gas prices and a better economy.
More policyholders are filing claims. The percentage of policyholders filing property damage and collision claims is steadily increasing and is predicted to do so in the coming year. This causes insurance companies to pay out for property damage liability, collision, and bodily injury claims, costing them money.
Medical expenses are rising. Health insurance premiums and medical costs have been rising at a steady rate in the U.S. Those increases carry over into the car insurance companies that must pay the higher costs for drivers and passengers injured in an accident.
Newer cars cost more to repair. It’s more expensive to fix newer models that are fitted with hi-tech equipment. Those body shops often need additional training, as well as the appropriate diagnostic equipment. This quickly adds up in cost.
Lifestyle changes. Moving to a home in another zip code can impact your premium. Rates are different because of the area’s claims history, and this information will affect your premium.
Fortunately, you don’t have to pay an arm and a leg to enjoy the reliable coverage. Contact the professionals at Humble & Davenport Insurance to get started on your optimum auto insurance in Renton and beyond!