Hi, this is Tracy with Miers Insurance. I’m here today to answer one of the main questions we receive from our consumers on pretty much a daily basis, why are my auto rates increasing? The short, simple answer is inflation due to a lack of supply, labor. Pretty much everything has gone up, price-wise, across the nation, so that’s being reflected in auto repair. The prices of new vehicles has gone up 11-12%. Used vehicles have gone up 70% in the last year. All of those things affect the cost of repairing those vehicles or replacing them, which causes the carrier to have to output more money. Also, that’s going to reflect in the premiums.
The other side of that also is health. Medical costs have also increased, which is part of that coverage. All of those things now reflect in your premium. It’s a terrible situation, but it is, unfortunately, the way it is. So, as we move forward, we’ll always competitively try to find those best rates for you in your personal situation and do the best we can with that. Hopefully, in the next year or two, things will improve. Anyway, that’s all we have today. If you have any questions, send them to us, we’ll be happy to answer them for you. Thanks. Have a great day.
Call Miers Insurance in Abilene TX at (325) 268-4394