Driving record and vehicle make are things that have always affected how
much Americans pay for automobile insurance. But these days, a number of not-so-obvious
factors have been cited as well.
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Insurance rates are rising for reasons you may not have thought about. (Graphic: Business Wire)
Here are a few:
New vehicles come with a variety of
high-tech features. While many of them are designed to make driving
safer, the cost of repairing newer vehicles, should a collision occur,
has nearly tripled in recent years. The rise in the cost of auto parts
has also increased the number of auto thefts, according to the
National Insurance Crime Bureau.
Despite improvements in safety
features, automobile crashes are on the rise. According to the latest
figures from the Institute for Highway Safety, 37,461 Americans died
in crashes in 2016. The last time auto fatalities were higher was in
2007. A number of factors have been cited for the uptick, including
distracted driving and drug- and alcohol-impaired driving.
More accidents mean more medical claims, and
the cost of medical treatments is on the rise. Claimed economic
losses–which include medical, lost wages and other out-of-pocket
expenditures–rose 10 percent from 2012 to 2017, more than three-times
the medical inflation rate, according to the Insurance Research
Severe weather is occurring much more
frequently. Last year, for example, the Insurance Information
Institute recorded 187 natural disasters around the world, resulting
in $119 billion insured losses in North America alone.
has a number of discount programs aimed at providing customers with the
best price possible. From special programs for the military
to reduced rates for students,
GEICO has a range of discounts suited for nearly every driver. Learn
more about them at https://www.geico.com/save/discounts/.
(Government Employees Insurance Company), the second-largest auto
insurer in the U.S., was founded in 1936 and insures more than 27
To make changes, report claims, print insurance cards and purchase
additional products, policyholders can access their insurance
policy here, connect via GEICO
Mobile, phone or
by visiting a GEICO
theft and term
life coverages are written through non-affiliated insurance
companies and are secured through the GEICO Insurance Agency, Inc. Commercial
auto and personal
umbrella coverages are also available.
for a quote or to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190112005002/en/