Car insurance rates increasing in Missouri [St. Joseph News-Press, Mo.]

Feb. 14—Gas isn't the only rising cost drivers are contending with.

According to a new report by Value Penguin, a consumer research company, car insurance rates are expected to increase by 8.4% in 2023.

The average 2023 cost of full-coverage car insurance with a clean driving record and good credit is $1,780 per year. In Missouri, the number is even higher with residents spending $1,848 on full-coverage auto insurance, 3% more than the national average.

"The number one contributing factor for insurance prices increasing over the years is the availability and price of replacement parts for cars," said Cliff Logsdon, owner of Affordable Insurance Solutions. "Since the pandemic started, the supply chain really bottlenecked and it was holding up a lot of those replacement parts that were coming in."

Logsdon said several factors are causing an increase in rates, including car theft, uninsured drivers and more accidents occurring on Missouri roads.

"We've got a lot more car theft going on than we've had in the past, and more drivers out there are driving without insurance," he said. "So with all the accidents that are happening, a lot of times it falls back on the person who was a victim in the accident rather than the person who caused it. If the person who caused the damage doesn't have insurance, the other person's insurance has to pay for the damages and it can contribute to higher prices."

Data from the Missouri Coalition for Roadway Safety shows deadly crashes have increased each year since 2019.

According to experts, car accidents are the leading cause of why drivers are seeing insurance rates go up.

"With a lot of companies, a couple of accidents within one to two years can get you canceled," Logsdon said. "It is definitely going to contribute to the price you pay and even if they don't cancel you, expect at least a 25% increase in rate over six or 12 months if you've had more than one accident."

Logsdon recommends that people follow certain guidelines to ensure their insurance rates stay as low as possible, including maintaining a policy with their current insurance company, comparing quotes and practicing safe driving.

"I would recommend that people maintain their current insurance company," Logsdon said. "Or at least maintain your continuous coverage. Continuing your coverage is the most important tip I can offer because it never hurts to shop your rate. There's a lot of companies out there and oftentimes you can get a better rate if you're willing to shop around."

Jenna Wilson can be reached at [email protected].

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