You may have noticed that your auto insurance premiums have been on an upward trend here in Ohio, and you’re not alone. At Arbutina Insurance Group, we understand your concerns.
There are numerous reasons behind across-the-board auto insurance premium increases.
Increased Traffic and Accidents
One of the primary drivers of increasing auto insurance rates in metro areas is the surge in traffic congestion and, consequently, accidents. With increased traffic comes an elevated risk of collisions, meaning insurance companies must pay more in claims. The more claims an insurer must handle, the higher the rates often go for everyone.
Cost of Vehicle Repairs
Modern vehicles come with advanced technology and safety features, which are excellent for comfort and safety but not so great for your wallet when things go wrong. Replacing sensors, cameras and computer chips can be expensive. This increase in parts and labor costs is another factor pushing insurance premiums up.
Medical Costs Are on the Rise
If an auto accident results in injuries, medical bills add up quickly. With health care costs rising annually, insurers adjust their rates to help pay accident-related medical claims.
Natural Disasters and Extreme Weather
The weather can impact insurance rates. Ohio has seen its share of severe weather events, including tornadoes, winter storms and high winds, which have led to more claims. Even weather-related claims in other parts of the country can affect insurance rates. Natural disasters cause a lot of damage in a short amount of time, and frequent extreme weather events can quickly strain insurers’ finances. As a result, insurers may raise rates to account for these large, sudden payouts.
What Can You Do About Rising Auto Insurance Costs?
While many of the factors that trigger increased auto insurance premiums are beyond your control, there are ways to help keep your premiums in check:
- Bundle your policies. If you have home, auto or other types of insurance, bundling them with a single insurer can trigger discounts.
- Maintain a clean driving record. The better your driving record, the lower the risk of filing a claim you pose to the insurance company. Low-risk drivers generally pay less for auto insurance than high-risk drivers.
- Compare quotes. Shopping around and comparing rates can help you find the most affordable policy for your needs. Your agent can help you get multiple car insurance quotes.
Contact Arbutina Insurance Group in Brunswick, Ohio, to learn more about how to get car insurance at a favorable rate.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.