Insurance Claims Continue Steady Climb, According to New Runzheimer Research Report
Auto insurance costs now account for nearly 18 percent of total vehicle ownership costs;
Vehicle reimbursement experts suggest increased collisions and claims costs, coupled with recent and potential hurricanes, will play role in future increases
“As our Vehicle Insurance Trend Report describes, insurance continues to be a significant and growing component of vehicle costs,” said
Highlights from this year’s trend report include:
- Americans are driving more miles – setting new records each year since 2014. 3.22 trillion miles in 2016, a 2.8 percent increase over 2015.
- Accidents are more frequent - distracted driving is on the rise. Accident frequency is at its highest level since 2007.
- Claim costs are steadily increasing – both collision and bodily injury. Since 2012, the average cost of bodily injury claims related to an auto accident has increased 15.9 percent.
- Sport utility vehicles, on average, are less expensive to insure, compared with mid-sized sedans. The average cost to insure an SUV rose by about 2 percent in the first half of 2017.
“The statistics in this report, which take into account these trends as well as the impact of recent and potential natural disasters, indicate that vehicle insurance premiums will continue to rise,” said Ms. Skatrud. “We are watching closely the potential impact Hurricane Irma might have on projections if it makes landfall in the
For more information, download a copy of the full trend report at https://www.runzheimer.com/insurance.
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