WASHINGTON — Researchers say that inflation and the rising prices of restore are impacting auto insurance coverage charges, however they’re not the one components at play.
With extra households hitting the street for summer time journey, drivers will wish to watch out, as a result of any change to your driving file may have a big effect in your pockets.
In line with a new report by Bankrate, the typical price of insurance coverage for full protection after a single accident can enhance by greater than 40%.
A report from the U.S. Department of Transportation confirmed that, in the latest information, automobile crash fatalities had been up 10.1% in 2021.
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Preliminary data from the National Highway Traffic Safety Administration confirmed a 3.6% decline of deadly crashes in 2023, however accidents are nonetheless taking place much more usually than earlier than the COVID-19 pandemic.
Within the southern area, NHTSA mentioned crashes had been down about 4% as properly, with Georgia seeing an excellent bigger lower of 8.8% in fatalities from 2022 to 2023. The NHTSA information confirmed that was an almost 160 crash lower from yr to yr.
In Atlanta, insurance coverage prices are about $300 greater than the remainder of Georgia, in line with the examine.
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According to Bankrate, the average cost of insurance for Georgia drivers, as of July, is about $2,554 per yr for full protection, or $867 for minimal protection, which is required beneath state regulation.
The identical examine from Bankrate confirmed the best price in Georgia was in Lithonia, a part of DeKalb County, the place the annual premium for full protection was $3,398 per yr.
In Atlanta, Bankrate reviews that the premiums are even greater at $2,859 per yr, a full 11% greater than the state common.
BankRate’s examine mentioned the typical price can go as much as roughly $3,300 per yr after an accident, or an additional $82 per thirty days for those who’re the motive force at fault.
“To the on a regular basis particular person, it looks like your charge goes to double when you’ve got one automobile accident,” Shannon Martin, Bankrate, mentioned. “And most of the people consider a automobile crash involving one other automobile however that’s not essentially the case. You could possibly skid out on ice, you can hit a pothole.”
Nonetheless, it’s necessary to notice that not all accidents will lead to greater insurance coverage charges.
Bankrate researchers say automobile restore prices re greater than 45% greater than in February 2020.
“Insurance coverage firms charge dangers, so a part of it offers with how a lot automobile components prices and labor prices,” Martin mentioned.
To save cash on auto insurance coverage, do not forget that many different components do have an effect on how a lot you’ll must pay.
Something out of your credit score rating to what sort of automobile you drive, and even the place you reside, all have an effect on what your premiums can price, however your driving file nonetheless has the most important impression on what you pay.
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