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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Library: Forbes – Here’s how much life events can alter auto insurance rates

 The Digital Insurer reviews Forbes’s Report on Here’s how much life events can alter auto insurance rates

Many factors influence premiums

It should come as little surprise to anyone that recent bouts of inflation, extended supply- chain shortages, and more drivers taking to the road in the post-pandemic era have caused car insurance premiums to rise by double-digit figures over the past year.

According to a just-released study conducted by the personal finance website bankrate.com, the average annual cost to insure a vehicle in the U.S. is $2,014, which is up by 13.72%. It now takes 2.93% of a family’s yearly income to pay for full coverage.

The devil’s in the detail

As always, an individual’s auto insurance costs are based on a variety of personal factors that range from one’s age, gender, marital status, address, and credit rating, the make and model covered, and the insured’s driving record.

According to bankrate.com’s report, any number of life changes can greatly affect what owners will pay to cover their coveted rides.

How to influence the size of your premium

In terms of one’s motoring history, getting caught driving under the influence will raise premiums by an average 5.67%, followed by an at-fault accident at 4.15%, and getting cited for speeding at 3.52%. While those are all to be expected, causing a lapse in coverage will tend to hike up auto insurance rates by an average 3.21%, and that’s simply for neglecting to cover the cost of a renewal in a timely manner.

Those living in California will pay the biggest surcharge for getting into a single at-fault crash, with average annual rates jumping from $1,498 to $3,798. Michigan residents would be advised not to drink and drive, as being cited for a first offence DUI will hike their average yearly car insurance premiums from $2,161 to a whopping $7,337. At that, Hawaiians will see their insurance bills rise the least after getting a speeding ticket at an average $126 more annually.

Poor credit ratings cost more

Though the practice has been slammed by consumer advocates, auto insurers in most states can charge those with poor credit ratings higher premiums for what they perceive as being higher-risk drivers. Thus it pays in more ways than one to keep current with credit cards and other payments. On average, someone having a poor credit score can expect to pay nearly twice for full coverage as a driver having excellent credit.

The life event that will tend to cause the biggest hike in a family’s auto insurance premiums is all but unavoidable. On average, bankrate.com says a married couple will spend around $2,500 more per year to cover a freshly licensed driver, which amounts to a sizable 132% boost.

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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