Why Auto Insurance Rates are Increasing

Auto insurance is a necessary expense for anyone who owns a vehicle, and it’s a cost that continues to rise year after year. While it’s easy to attribute these rate increases to insurance companies simply trying to boost their profits, the reality is far more complex. Several factors contribute to the rising auto insurance rates, and it’s essential to understand these factors to make informed decisions about your coverage. In this blog, we’ll delve into four key elements that are driving the increase in personal auto insurance rates: increasing accident frequency and severity, rising repair and replacement costs, the distracted driving epidemic, and insurance fraud.