With car insurance prices increasing rapidly, many people are shopping for new insurance. But, when shopping for new insurance, consumers don’t know where to start. Finding new insurance is a bit like playing the lottery, you don’t know what you’ll get until it’s all over. Your money is gone, maybe you got some back, maybe you didn’t.
Find a fair price on car insurance by using this car insurance calculator. Just click the button below.
Car Insurance Prices Increasing Due to Higher Costs
One reason is distracted driving. Smart phones are leading to more accidents on the road. These accidents are causing insurance companies to pay more in claims. As a result, many car insurance companies are losing money. Another reason is as the economy improves, people are driving more, also leading to more accidents. Finally, the severity of the accidents is increasing for reasons relating both to the cost of repairing cars and providing healthcare.
When insurance companies lose money, they have to take action. The options are to drop customers that are higher risk, or raise prices. With distracted driving, there’s still a process of learning which consumers are highest risk. When insurers can’t identify the high risk drivers, their only option remaining is to raise prices.
Raising prices in insurance can be a lengthy process. The regulatory environment can have a dampening effect on price changes. This means, it’s likely that prices will increase for several years. How long is hard to predict. The increases will necessarily continue until companies achieve the desired level of profitabilty.
Which car insurance company is best in your state?
First off, it’s important to know that insurance companies vary by state. In fact, they can vary a lot. Start by understanding the insurance market dynamics in your state with our state-by-state analysis. Second, advertisements do not provide meaningful information when choosing an insurance company.
Those two realities leave consumers wondering how to find the best insurance. The good news is, there’s a way. The way to choose a company is with analytics. ValChoice provides analytics consumers need. Our analysis not only grades companies on how they price. We also grade companies on how good they are about paying claims and the level of service they provide.
Click the button below to find the best car insurance companies in your state. You will immediately know which companies are best for offering a good value, and truly protecting their policyholders.
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