Auto Insurance – Driving Up, Repair Costs Up and Rates??
Posted by McDonald Insurance Agency on
While the past 2 years have been challenging and confusing – we are hopefully seeing the light at the end of this terrible pandemic. Many of our habits have changed as consumers, including our driving habits. One thing we know at this point is that we are now driving at or above pre-pandemic levels. Auto Insurance has been a wild ride starting out with discounts and rebates due to significantly less driving at the start of the Pandemic to a huge rise in vehicle costs, more driving than ever and repair cost increases of 38%.
Current and trending carrier loss ratios indicate that Auto Insurance rates will continue to rise over the next few years. Data from auto retailers indicates that whole sale pricing of both new and used vehicles will remain steady as well.
What can you do? Independent Insurance Agencies are more important than every. The ability to shop many carriers not only provides the best pricing but will also allow you to better customize your insurance to provide the best coverage. We work for you – not a carrier which provides a better experience and better pricing. Please call us today to review your current coverage and make sure you are in a good position as the insurance roller coaster continues!