It’s no surprise that to drivers around the county that auto insurance premiums are on the rise.
Many drivers are facing double digit increases, but as inflation slows down many drivers are still wondering why their rates have increased.
This morning on Good Day Rochester we were joined by president, and CEO of the American Property Casualty Insurance Association (APCIA), David A. Sampson to get some insight as to why the costs are rising and how you, as a consumer, and help balance the ever growing rates.
Some of the key contributors to rising costs include insurance claims inflation, which has continued to rise faster than the underlying consumer price index (CPI).
Dangerous driving behaviors are also having an impact on costs. As daily driving patterns and traffic volumes rebound from pandemic lows, traffic fatalities remain alarmingly high.
For more information visit, apci.org
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.