Over the past decade, auto insurance rates have increased steadily, well exceeding the rate of inflation over the same period. But what's driving this upward trend? Explore factors that have significantly impacted the rates for auto insurance.
Auto Rate by the Numbers
Used cars: Used car prices have increased by an average of 47.9%.¹
Cost to repair vehicles is up. The parts and equipment cost for motor vehicles has increased by 23.8%.²
Bodily injury claim costs are on the rise. Bodily injury severity has increased by 40%.³
Per Travelers