GEICO Notes 4 Uncommon Factors Cited for Rate Increases

WASHINGTON–(BUSINESS WIRE)–lt;a href=”” target=”_blank”gt;#autolt;/agt;–Driving record and vehicle make are things that have always affected how
much Americans pay for automobile insurance. But these days, a number of not-so-obvious
have been cited as well.

Here are a few:

  1. High-tech Cars
    New vehicles come with a variety of
    high-tech features. While many of them are designed to make driving
    safer, the cost of repairing newer vehicles, should a collision occur,
    has nearly tripled in recent years. The rise in the cost of auto parts
    has also increased the number of auto thefts, according to the
    National Insurance Crime Bureau.
  2. Deadlier Collisions
    Despite improvements in safety
    features, automobile crashes are on the rise. According to the latest
    figures from the Institute for Highway Safety, 37,461 Americans died
    in crashes in 2016. The last time auto fatalities were higher was in
    2007. A number of factors have been cited for the uptick, including
    distracted driving and drug- and alcohol-impaired driving.
  3. Costly Care
    More accidents mean more medical claims, and
    the cost of medical treatments is on the rise. Claimed economic
    losses–which include medical, lost wages and other out-of-pocket
    expenditures–rose 10 percent from 2012 to 2017, more than three-times
    the medical inflation rate, according to the Insurance Research
  4. Weather Patterns
    Severe weather is occurring much more
    frequently. Last year, for example, the Insurance Information
    Institute recorded 187 natural disasters around the world, resulting
    in $119 billion insured losses in North America alone.

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(Government Employees Insurance Company), the second-largest auto
insurer in the U.S., was founded in 1936 and insures more than 27
million vehicles.

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