Since 2010, automotive insurance has been on the uptick as insurers are losing money based on costly accidents and natural disasters. According to ValuePenguin, expense to revenue has climbed to increase proportions of “combined loss ratios” to over 100% in 2016, leaving top insurers with expectations of continued spikes in insurance premiums, even for drivers with clean to barely marred records, in order to continue to provide payouts for their insured.
Automotive Insurance Must be Sustainable for You and Your Insurance Company
Sustainability for Insurers is paramount for the protection of you and your loved ones in a moving vehicle. You may be the safest driver known to man, yet, the person navigating the road within your proximity could be distracted, inebriated, careless, reckless or simply ill at the wheel, therefore causing an unexpected accident. Thus you must carry automotive insurance. Not only by law, but for the mere fact, you, the operator of the vehicle, are legally responsible for your life, family on your policy, and those who drive or ride alongside you each time you navigate the roadways.
Ways to Counter Automotive Insurance Hikes
We, at Jeff Ragan Agency, believe each one of us can work toward lowering the cost of automotive insurance by taking personal responsibility for safer driving, therefore lowering the amount of numerous accidents, law suits and insurer to insured payouts annually. We have listed a few items which are elementary, yet could become catastrophic, both physically and financially, when ignored.
- Do not text and drive.
- As a rider, keep those driving accountable by reminding them that active texting, drinking alcoholic beverages, use of handheld phones, engaging in social media and watching videos or DVDs is not cohesive with safe driving. practices.
- Drivers and riders should wear seat belts at all times.
- Use a Bluetooth speaker or earplug when talking on the phone.
- Pay attention to the opposite driver.
- Review your insurance premiums with a comparison on an annual basis at minimum.
- Carry medical and roadside service on your insurance plan.
- Combine life, rental and homeowners insurance for possible reduction of insurance premiums.
- Choose an insurer who cares about you and your family, not just about making a buck.
- Do business with an accessible agent who is preferably local and reliable.
- Call your agent, when applicable, versus the 24/7 customer service line.
Let Us Strive to Make a Difference
Together, we will strive to make a positive difference in your budget by raising the bar of the driver through education, thus increasing total revenue for automotive insurance companies. This collaborative action could result in keeping more money in your pocket while producing higher profit margins for valued insurers who provide peace of mind for you and your family each time you leave your driveway!