Trends Pushing Auto Insurance Rates Higher
Posted: February 11, 2025
Automobile insurance companies are struggling to keep up with the rising cost of collision insurance claims, and that's forcing them to raise rates at a steady clip. In 2019, the industry paid out $62.6 billion in losses for damage to personal vehicles and $5.4 billion for commercial vehicles. By 2023, those numbers had risen to $95.4 billion and $8.2 billion, respectively. Insurers have responded by...
Auto Insurance Minimum Liability Levels to Double
Posted: December 10, 2024
Thanks to a new law, starting Jan. 1, 2025, California is increasing the minimum liability coverage levels that drivers in the state will be required to have on their auto insurance policies. The new minimums, double current levels, are meant to keep up with inflation, particularly the cost of car repairs and medical costs. While the minimums have long needed to be increased(they've been in...