You may have noticed a lot of changes with auto insurance. Rates going up…companies leaving the market or only accepting certain drivers & vehicles…waiting periods for new applications and more. I have worked in car insurance for over 20 years and have not seen the industry this unstable. It mainly comes down to a significant increase in claim costs due to inflation and an overall increase in claims. So insurance companies have had to react to maintain long-term stability. Eventually, we will reach a point of stability, but likely it will not be this year. As an agency, we have been working on finding opportunities to help our customers lower their rates and prepare them for this period of instability.
Comments