TUESDAY, APRIL 5, 2022
As US inflation nears a 40-year high, Experian reports that Insurance companies may be forced to hike premiums from 6% to upwards of 10% in 2022.
The inflated high price of vehicles means replacing them in the event of a total loss is now more costly. The labor shortage has also meant much higher repair costs and even higher costs for replacement parts...if you can get them.
This is causing repairs to take up to 3 times longer to complete, which means customers are in Rental vehicles 3 times longer...of which costs are up a record 43%.
Bottom line....we are all going to be paying more for Insurance.
Posted 4:55 PM
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|