It can be a difficult nut to crack: inflation is motoring along at one rate, yet your auto insurance premium has increased at double that.
Our clients often ask us about this, and now we have a fantastic infographic from the Hanover Insurance Group that explains some of the factors affecting cost increases (and decreases–although we don’t get many calls about those).
For instance, we don’t often think that driving behavior (things like distracted driving, driving while fatigued, etc.) can affect our insurance rates. Also trends within the auto industry….if the cost of buying a new car drops, the result may be that there are more cars on the road. All of these things play into the formula that insurance companies to calculate risk.
Check out the infographic here: Why am I paying more for auto insurance?
And if you are concerned about rising costs, please contact your Forest Agency Account Manager. They may be able to help you find a company, deductible level or discount program that helps you to find good value for your auto insurance needs.