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Insurance rates higher than normal due to rapid car thefts in Memphis | News

MEMPHIS, Tenn. – So far this year, a car has been stolen about once every 34 minutes.

That’s nearly 33-hundred cars already since January 1st.

The dramatic uptick in car thefts is costing the victims of those thefts.

“People are calling because they are seeing their rates change and what to know what’s going on,” said Shade Sullins, Co-owner of A&S Insurance Solutions.

It’s a question many drivers are wondering.

Why is my insurance premium so high?

“The massive amount of auto thefts. They are going to affect everybody, “ Sullins said.

Memphis Police said nearly 3,300 cars have been stolen this year alone.

That’s compared to fewer than 1,300 the same period last year.

A&S Insurance Solutions Co-owner Shade Sullins said they’re seeing higher insurance premiums for Kia’s, Hyundai’s and Infiniti’s.

“These factors like hit and runs and auto thefts, when they start paying out more money than what’s going in, then they would have to adjust that price,” said Sullins.

According to Bankrate.com, drivers across the country are paying more than $2,000 for full coverage on their cars.

One driver FOX13 spoke with didn’t want to be on camera but said she downgraded her insurance to save some money.

“I switched to liability because the cost for comprehensive and full coverage was already expensive. So I dropped it down not only because of the cost, but because my car was older,” said an anonymous driver.

But two months later, her Infiniti G37 was stolen right in front of her home.

When she went to the city’s impound lot to recover it, she found a puzzle with missing pieces.

“Now I won’t even be compensated for the damages,” an anonymous driver said.

Sullins said there are several factors to determine the appropriate price of a car insurance policy.

They include your driving record, age, gender, where you park your car, credit score and more.

“It’s definitely hitting the paycheck-to-paycheck people the most, but it cuts into everyone’s cost,” said Sullins.

Insurance experts said if your car is ever stolen, keep looking around for different quotes to get the best coverage for your vehicle.

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