Recently, in the past few years there have been a record of wind, rain, and hailstorms. These storms have caused a lot of damage all over the entire country, specifically in the Midwest. We are seeing large rate increases across the board as a result of these storms. In 2022 the average full coverage auto policy was $1,219. But a year later it went up to $1,694. Many different factors play into this such as the severe weather, increase in animal collision risk, and rising repair costs.
Repair costs have also seen a great increase. In the past five years we have seen the cost of windshields increase 46%. Likewise, deer collisions have increased 40% and payments after totaled vehicles have increased 64%. Insurance carriers in response are adjusting rates and deductibles to combat the rising costs. Additionally, issues such as labor and material price increases, advanced vehicle technology, part shortages, microchip shortages for new vehicles, and large fleet companies are seeking used vehicles which decreases the demand for new vehicles.
Here at Meyer Insurance Agency, we are doing everything we can in this ever-changing insurance landscape. We will continue to try to find the best policies that fit you and your needs protecting the most important things in life: you, your family, and everything you have worked so hard to achieve.
