It is 2017, and so far we know it is a year of big changes. Another change to add to the list is auto insurance rates. No one ever wants to hear the words “rates” and increase” in the same sentence. So maybe it would help us to focus more on why rates increase.
While 2017 may already be dubbed as a year of change, it trails behind a couple years already filled with modern lifestyle changes. Some statistics found by insurance companies could have been expected (even by those of us who only take to the wheel once a week), but it didn’t make them any less troubling. The one thing we know that’s ever-changing around us is technology.
As we’ve seen on the news, this “new technology” in our cars, cell phones and other devices has lead to many distracted driving incidents. More distractions lead to more accidents. Now, technology doesn’t deserve all the blame. People are still people and accidents happen. Increases in medical costs happen too. Because of the increase we’ve seen in medical costs, this has led Uninsured Motorist Bodily Injury (UMBI) to take a big jump in rates too. Mix that with a recent annual increase in Colorado Injury Crashes and things aren’t looking so good for insurance companies or drivers.