Uptick in crashes causes insurance rates to climb
Published 10:09 am Monday, September 7, 2015
COLUMBUS (AP) — An uptick in vehicle crashes may be denting motorists’ wallets, along with their cars and trucks.
The Columbus Dispatch reported several insurers have begun raising rates because of rising claims.
Geico, the No. 5 insurance carrier in Ohio, says in its recent quarterly report that rising claims are having an impact. The insurer says they’re implementing premium-rate increases as needed.
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Experts say the improving economy can explain some of the increase as drivers put on more miles than ever.
Higher speed limits in many states and more distracted drivers on the road could also play a role in the increase.
The Insurance Information Institute says the number of collision claims per 100 cars has been rising since 2013.