Why Do My Auto Rates Keep Increasing?

Why Do My Auto Rates Keep Increasing?

By |2020-07-15T02:13:00+00:00March 5th, 2018|

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.

Road Pic Horiz

Don’t despair! There is still light at the end of the tunnel – a bit of a flicker, if you will. Insurance companies have created ways to help you offset some of the increase in premiums, and we want to make sure you are getting all that you are eligible for. The best way to find out is to give your agent a call.

Find out if there are discounts you may quality for. Ask for quotes if you were to raise your deductible. Sometimes, simply updating your information can make a slight difference. We understand rate increases aren’t fun, and we are here to do everything we can to make sure you are getting the best rate possible.

If you would like to read more information about leading factors of Auto Insurance increases, check out these links:
Safeco resource on rate increases
MetLife resource on rate increases
https://www.colorado.gov/pacific/csp/traffic-safety-statistics