Auto Deductible Plan: Insights into Car Insurance Premiums in 2019. In 2019 the car insurance premiums were at approximately $239 billion. The average annual costs for car insurance in 2019 was about $1,652 for drivers of the age group of 30 to 45, according to policygenius insurance statistics.
The auto insurance increase has reportedly gone up approximately 3.9% on average per year. The expected average increase in auto insurance however in 2022 is a 0.6% increase on top of that across the country.
The average cost of car insurance across the country in 2022 is now up to approximately $1,935 for the year. These averages of course vary by state and region, ages and genders of drivers also play a significant part in insurance rate premiums as well.
The 3 states with the reportedly highest national average in insurance rates are Michigan, Louisiana, and Florida. The 3 states with the lowest annual insurance rate average are Maine, Texas, and Wisconsin. In 2022, the U.S. experienced an average 55% increase in insurance premiums due to traffic violations and auto accidents.
COVID-19 pandemic initially led to substantial lowering of premium rates. However, in 2022, we are witnessing a national increase in premiums due to various factors, including the resumption of activities and work outside the home, resulting in the climb of premiums.
Distracted driving due to technology has led to a significant increase in accidents and over 3,000 additional deaths annually.
Cars that have intricate technology built into their vehicles require additional repairs in an event of an accident. This has also been a contributing factor for premiums going up.
Strategies for Lowering Insurance Premiums
In order for consumers to lower their overall insurance premiums they have very few options. One of the options may be to shop around for lower insurance rates with different companies.
Another option for consumers to lower their insurance rates is to adjust their coverage options, which can ultimately be unreliable in an event of an accident or potential lawsuit.
Yet another way many consumers decide to lower their insurance premiums is by taking a major risk and opting for a higher deductible amount, which they may or may not be able to pay for later. Many consumers actively strive to improve their credit scores in order to increase the likelihood of being offered better premium rates.
As mentioned auto insurance premium rates may vary by state, age, gender, credit scores, deductibles, driving history, etc. Believe it or not there are even more factors that come into play when it comes to overall rates.
The type of insurance is another factor which affects your overall costs. For example, liability, comprehensive, collision, and so on. The kind of car you drive also plays a huge part in your insurance premiums.
Interesting Fact: The analysis of public rate data reveals that sedans have earned the distinction of being the most expensive car type in terms of insurance premiums.
Following sedans, are electric sedans, and then small SUVs. Insurance providers generally offer lower insurance rates for pickup trucks and SUVs. Costly and imported vehicles can lead to higher insurance rates due to expensive parts and replacement needs.
What are the Impact of Uninsured Drivers on Insured Individuals?
There is a national relatively small percentage of uninsured drivers. Approximately 12-13% of drivers on the road have been recorded, although they do not represent the majority or even half. Nevertheless, this percentage can still cause damage for insured individuals who must personally pay deductibles in the event of an accident.
The most common auto deductible amount is $500, but companies may usually offer deductibles ranging from $100-$2000. This normally does not cover medical payments coverage or liability coverage.
Here at No DUK we want everyone with auto insurance to know that we have your full deductibles covered. You will be able to better afford the all-inclusive full coverage insurance premiums, and have your full deductibles covered in the event of an accident.
Sometimes when it rains it pours. Accidents can occur at any time, presenting unexpected burdens.. In an unfortunate time, you having to pay for a deductible to cover your car insurance costs is even more burdensome.
Let us put money back in your pocket! Share your claim information with us, and witness your deductible being fully covered!
Say no to deductibles! Say NO DUK!!