INFLATION EFFECTS INSURANCE TOO…

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.