Understanding the current climate of the auto insurance industry is a must when it comes to your auto insurance. As injury costs within the industry increase, you can expect to see an increase in auto insurance rates. With more costly risks on the road, it’s important that you have enough coverage to protect your vehicle and liability risk properly. Find out what you need to know about current industry trends so that you can best understand your auto insurance rates.
Current Industry Trends.
The latest statistics and trends in the auto industry, it’s important to consider how these trends affect costs, and in turn, affect insurance rates. For example:
There Are More Cars on the Road.
Over the past 25 years, there’s been a spike in the number of car owners. In fact, in 2015, there were 17.5 million new vehicles sold in the U.S. The more cars people have, the more drivers on the road. This increase in the number of drivers increases the risk of an accident. In addition to this, the costs to repair and replace vehicles damaged in a claim are rapidly increasing as well.
Medical Costs Have Increased.
When a car accident occurs, often a person requires medical attention. Your auto insurance coverage helps to give you the protection that you need to cover such costs if you’re found liable for the accident. Also, your personal injury protection (PIP) coverage will cover your injuries in the event of an accident, regardless of fault. However, medical costs have increased in recent years. As prices for medical coverage have increased, auto insurance has also increased to keep up with these costs.
Follow the latest auto industry trends and ensure that you’re well protected on the road with the right auto insurance. For assistance with your insurance, contact the professionals at Fullhart Insurance Agency. Serving all of Waldport, Reedsport, Sisters, Tigard, Oregon, and the surrounding areas we serve all your personal and commercial insurance needs.