Rising Insurance Costs

In 2024, increase in costs continue to be a problem for the insurance industry.  Some examples, distracted driving amounts to nearly one third of all auto losses.  Another issue companies did not have to worry about 10 years ago is the cost of repairing electric vehicles.  I've read that a typical $2000 auto claim to gas powered car can be a $35,000 to an electric vehicle.  With less police officers and district attorneys failing to prosecute criminals, crime will continue to increase.  As vehicles become more technologically advanced the cost of repairs will increase.  Even if you own older vehicle, your auto liability's property damage pays for other vehicle damage.  Make sure you check your limits and adjust your policy limits for these higher costs.

Homeowner claims have risen as well, rising cost of materials, work force shortage, weather events with hail and INFLATION.  Insurance companies simply pass the costs onto customers.

Don't be surprised if your auto or home policy renews with 10-50% increase.  

If want additional information, please contact Flanigan Insurance at 314-727-6000.