Climate is Clobbering Cars!
Auto Premiums are Trending Much Higher!
It is troubling to view the photos and videos of the devastation of Hurricane Ian to Southwest Florida, but a collateral by product of this storm is the number of autos that have been submerged in the storm and deemed total losses for insurance.
Couple that storm with the supply chain delays that have pushed used car costs higher, you have a double hit on auto insurers.
It isn’t just a Florida problem!
It is accurate to say that the damage in claims to Florida is really a Florida problem, but let’s not overlook 2 important factors:
1) The intensity of storms, including inundating rainstorms, is occurring in more than just Florida. In just this year these heavy rains have hit Texas and Illinois.
2) Every state has limitations on premium increases and those limits just push costs to unaffected regions to help spread the cost.
Auto insurance rates are on the rise, and the impact of driving history will additionally be more dynamic as insurers address the massive auto claims that are becoming the norm with these intense storms.
If your rates are increasing drop an email to firstname.lastname@example.org