The Cost of Driving: Why insurance premiums are on the rise

The Cost of Driving: Why insurance premiums are on the rise

cars-691144_1280Does the cost of driving seem to be a bigger drain on your wallet then it used to? It very well could be. Here are some trends that may be contributing to the increasing cost of driving.

  • Driving Distractions – Today we have more distractions then ever causing us to take our eyes off of the road, from new technology in our cars like navigation systems to our mobile phones. Per the National Highway Traffic Safety Administration (NHSTA) at least 1 in 10 traffic deaths involve a distracted driver.
  • New Technology, Expensive Claims – Most of the new vehicles purchased today are packed with new technology like backup cameras, assisted parking and navigation systems. While all of this new technology is helpful to drivers it also makes claims more expensive when vehicles need to be repaired.
  • More Miles – Americans are spending more time on the road and the more miles we are driving the more accidents we are seeing. According to the Federal Highway Administration drivers logged more than 3.1 trillion miles which is the highest since 2007.

Cars, repairs and accidents are all getting more expensive and the more miles we drive, the more distractions to our attention mean more accidents. All of these factors lead into increasing auto insurance rates, but now is not the time to try and save money by decreasing important coverage. Contact our office to discuss finding the balance of coverage and price that feels right to you – and your wallet.

 

For more information or answers to your insurance questions, contact us at Allan Block Insurance Agency, www.ambins.com, located in Tarrytown, NY in the heart of Westchester County, a key business district near New York City.  We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. The Professional Agency with the Personal Touch.