Automotive insurance is probably the first thing that comes to your mind when someone says insurance. It is the most advertised, and the most talked about. Why you ask?
Personal auto insurance is a dynamic part of our field. Insurance companies are struggling to keep up with new technology and changing trends. Just a few short years ago we did not have companies like Turo, Uber, and Lyft. Repair costs are increasing, and accidents are on the rise. In fact, a lot of insurers have had loss ratios just north of 100%! Translation, they are paying more in claims than earning in premium. This is eroding the cash reserves of insurance companies.
On a positive note in just the last year or so auto insurance rates have stabilized. Rates have flattened and, in some cases, even gone down. There are a lot of reasons for this. Insurance companies are charging correct premiums. Data obtained about ones driving habits are becoming a more refined and much higher resolution. Vehicles themselves have become much safer to operate and do a better job at not only protecting life but avoiding accidents all together!
Couple this with a lot of market pressure and you get aggressive rates! If you have not looked at your auto insurance in the last 2 years you should! Good drivers are being rewarded. A lot of our insurance companies now have very interactive apps that put your auto insurance literally right in your hand. They also have driving monitor apps that can reduce your premium by as much as 20%!! I know we have done it! Of course, do your due diligence. Work with an independent agent that can find you a reputable company to work with. Watch out for online direct insurance! You can do a lot of damage to yourself and probably will not save what you think you are saving, even though that is what they advertise!