If your rates haven’t gone up yet, brace yourself: Car insurance companies have been losing money recently, and many will have to raise premiums to remain profitable.
Car insurance rates typically go up about 3% or 4% every year, according to the consumer price index. But in December 2016, they were up 7% from the previous December. Because the industry is expected to lose even more money this year due to more claims — and more expensive claims — we can expect insurers to kick up their rates even more. Here are some causes behind the bigger bills.