Why Auto Insurance Premiums Go up Year after Year
Auto insurance premiums are on the rise - again!
Michael Barry with the Insurance Information Institute says premiums seem to go up on average 6% to 8% every year.
He says a number of factors are playing into rates going up, including the fact that many cars are simply more expensive to fix nowadays.
"Often times you have certain things that need to be replaced today that didn't have to be replaced ten years ago, for instance, a rear-view camera, which is very expense to repair and replace."
Barry also says distracted driving plays a role, as there are more people with smartphones. Also, there are more cars on the road than ever before.
So, before you walk out to the mailbox and open the letter from your car insurance agent, take a deep breath and realize it's everyone - not just you - seeing an increase.
Source: Insurance Information Institute