Why Do Auto Insurance Rates Continue to Rise?

These are the factors that can affect your Auto Insurance Rates. Check this out!

1. Repair Costs: Continued supply chain issues, pricier parts and labor market pressures have driven up repair costs.
2. Vehicle Prices: Prices for new and used vehicles remain high, due to supply chain woes and a focus on pricey models and features. Plus, top-of-the-line 2021 models are now today’s used cars.
3. Inflation: We’re all spending more for most goods and services than we were a year ago. Those higher prices are the main driver for rising insurance costs.
4. Pricier Parts: Cameras and sensors keep us safe, but cost more to replace if damaged. Some common vehicles have 30+ pieces of tech not present on older models.
5. Labor shortages: Repair technicians are in high demand. In 2022, just 4,500 grads from post-secondary collision programs were available for 35,000 entry-level jobs.

Read more about the impact on insurance rates here.

Remember, we’re always here to help. Every policy with Klinger Insurance Group comes with a knowledgeable, local agent. They’ll assist you in comprehending and navigating the variables that impact your coverage—and insurance rates. Inquire about customized discounts and other savings options. Find Affordable & Reliable Auto Insurance. Contact Klinger Insurance Group Today! We make finding AUTO Insurance easy. Contact Klinger Insurance Group Now at 301-428-4935. Not an Klinger Insurance Group customer? Get a quote and see how Klinger Insurance Group stacks up during challenging times.