Premiums Rising Thanks To Rising Car Crash Rates

In many states, including Georgia, car insurance is a requirement for owning and driving a vehicle. Many factors can determine your insurance rates, including age, marital status, and driving record. Other factors may be behind what is being seen as a rate hike across the United States. These factors include the rising price of vehicles and the rising number of accidents nationwide. USA Today reports on the story. Zebra, a car insurance comparison website, says that average yearly premium for car insurance is $1427. This is an increase of 20% of rates in 2011. The state that had the lowest increase was North Carolina. By contrast, the state with the biggest rate hike was Michigan. Rob Hoyt, a professor of risk management and insurance at the University of Georgia, said, “Premiums are going to be determined by frequency and severity of accidents.” Another factor driving up premiums may be the new technology being loaded into today’s vehicles. As the…

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