Auto Insurance Rates across the country increased around 15% in just the first half of 2024. Independent Agent Magazine explains that one of the factors leading to this increase in premiums is the losses that have occurred due to maintenance repair costs. Advances in technology have both increased vehicle safety and decreased the amount of other risks that can happen while driving, however the cost to repair and maintenance these features are much more expensive to repair. “Advanced driver assistance systems can add up to 37.6% to the total repair cost after an accident, according to AAA data, and minor damages to front radar and distance sensors can add up to $1,540” (Independent Agent Magazine). Another cause of increasing rates is the amount of severe weather that has been occurring throughout the country. Each area endures their own type of extreme weather - anything from hail to hurricanes. Luckily auto insurance rates won’t always continue to increase, so hopefully as time continues to pass, policyholders can see some change in their rates!

Spears, A. M. (2024, August 29). Auto insurance rose 15% in first half of 2024. Home. https://www.iamagazine.com/news/auto-insurance-rose-15-in-first-half-of-2024?__hstc=79369803.b862b2192b24b08835b179d3a9d728a7.1654645102697.1723130182896.1723460530376.702&__hssc=79369803.14.1723460530376&__hsfp=3401181823&utm_medium=email&_hsenc=p2ANqtz-_T6aHVs83E3C4hsctMY4keh0oWmsUZwVYBLAEtmEw5xYzVLF-ncliGcy0cNsltUZMWAQV261g4V3HaYe3LYQ6m9ma4Lg&_hsmi=319706837&utm_content=319706837&utm_source=hs_email