Why are my Insurance Rates Going Up? [Part 2]

I have news for you…it’s not just your insurance premiums that are going up, everybody’s insurance premiums are going up. Here’s why:

    • Auto sales are up. More people are buying cars. That’s a good thing right? Wrong. More cars on the road equates to more risk for the insurance companies.  Why you ask? More cars on the road = higher chance of accidents = increasing number of claims.  Thus, the higher the risk, the higher the premium.

So the key takeaways from this is even though your insurance premium may be going up, you are not alone. Everybody’s rates are going up for the reasons mentioned.  No need to be concerned or alarmed if you see an increase in your rate, because this is a common trend right now in this industry.

Sincerely,

Jason Archer

300 Interpace Pkwy, Ste 400B

Parsippany, NJ 07054

https://www.farmersagent.com/jarcher

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