5 statistics that illustrate the current state of the auto insurance industry
As you've likely heard, across the industry, insurance companies are raising automobile insurance rates. I wanted to give you, our clients some insights into what we are seeing and share some facts that may impact industry rate trends. Most recent industry data show for every $1 paid by customers the industry is paying out $1.04 in claims. What's different now?
* Low gas rates equals more miles driven
* Increase in traffic deaths
* Rising bodily injury costs
* More new cars sold
* High rates of distracted drivers
I think one of the biggest causes is distracted drivers. If not navigation screens it's cell phones. A recent AAA report shows 87% of drivers engaged in some kind of risky behavior behind the wheel. 70% of drivers admitted they talk on a cell phone while driving and 42% said they read texts or emails while driving.
The Good news our state of Washington ranks 33rd lowest in car insurance premiums (less than half of the worst states) and Idaho is even cheaper at 48th.
At Century Insurance Agency, this past year was our best year ever for new clients. Our companies are very competitive in the market place. Many thanks to you for referring your friends and family.
As part of our ongoing insurance counseling we always remind clients to save money by packaging Auto and Home insurance with one company, increase your deductibles to what is comfortable, and get your young drivers good student discounts. In addition always choose bill plans that minimize billing fees.