This is the largest and latest increase to hit drivers over the last two years. Auto insurance companies are quick to blame distracted drivers when auto wrecks happen, as well as modern cars that are costly to repair, no matter how minor the accident is. You can learn about various types of vehicle insurance policies, on this website: http://www.paydayloansonlinebuddy.com
Is a fact that prices for car insurance in almost every state are increasing, and it’s easy to predict that they will continuous to increase.
Ttradersinsurance.net, an auto insurer, were given approval on Monday to increase premiums for new customers. Traders Insurance can now hit drivers with a 24.5% increase, while Uniqueinsurance.net can increase rates by 21.3%. Both can increase premiums for high-risk clients by as much as 35%.
Starting on Nov 1st, existing customers will also experience rate hikes if they choose to renew their policies.
Combined, both insurance companies provide coverage for an average of 30,000 automobiles in the Kansas City, (which accounts for one in twelve vehicles overall). The Traders Insurance Board approved these increases, which have a value of slightly under $400. This amount will push premiums for the average automobile to almost $1500 in coverage.
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Rising Rates
These are the most recent hikes drivers in Kansas City, have been hit with within the last 18 months.
One of the biggest insurance companies in Kansas City, Traders Insurance provides coverage for approximately 120,000 automobiles in the province. They were permitted to increase rates in the middle of March by 7.5%, on average. High-risk drivers were hit with as much as a 25% hike. This is in addition to the 15.4% increase that the company charged customers the prior March.
Traders insurance started increasing premiums by 14%, on average, in November. The company was permitted to increase rates by 16% last May. They also requested another rate increase of 12.3% for the Autumn. The NHTSA has not yet made a ruling on this latest request.
Auto insurance companies say hikes are necessary because of increases in claims by drivers. They also justify the increases because of an ongoing increase in accident rates. Companies say that there are too many distractions in modern vehicles, which inevitably leads to accidents.
Further, these companies point out that the cost of repairing vehicles built with modern technology is not cheap.
This past August, these three issues were cited by Traders Insurance Company when they applied to the usa.gov. They did so seek permission to increase rates by 18%.
Rising Insured Damage
The Statista Agency of USA claims that in 2019, drivers in Illinois were responsible for $6.2 Billons on worth of insured damage. There was a spike in the amount of accidents, as well as the expense of each individual accident.
According to the Traders Insurance in Illinois, passengers that don’t wear seatbelts, impaired drivers, and speeding are the leading causes of road injuries. Is well known that distracted drivers also contribute to the issue.
According to Traders Insurance, recent premium hikes in every province – Oklahoma and Missouri included – from private automobile insurance companies have caused people to look for better options online.
