You may have noticed that your auto insurance premiums even if you have made no claims. As a whole, insurance rates are rising across the industry, and companies are scrambling to be profitable. Insurance companies use their loss ratio or the difference of the money they bring in from premiums versus the amount they pay out in claims each year to determine premiums. Elaine Mahr from Farmer’s Insurance is with us to explain some auto industry trends that may be affecting your rates.
Auto Premiums Going Up Americans are driving more, thanks to rising employment and cheaper gasoline. But that also means they’re getting into more accidents — and that’s leading to higher insurance premiums. Of course, it’s not just a matter of more people cruising the roads. Unsafe behavior also may be contributing to a national accident […]