A New Article Presents Why Car Insurance Rates Are Increasing Every Year

LOS ANGELES, Feb. 21, 2019 /PRNewswire-PRWeb/ -- Lowestcarinsuranceratesonline.com has launched a new blog post that explains why car insurance rates are increasing when a policyholder renews his policy.

If a policyholder receives higher insurance rates when he renews the insurance policy, he should demand some explanations from the insurance company. If the explanations are not convincing, the policyholders should switch the insurance carrier.

The most common reasons why car insurance rates are increasing every year are the following:

• Higher medical costs. Every state has a minimum level of bodily injury liability coverage. The liability requirements range from $20,000 to $100,000. In case of a car accident, this coverage is the maximum amount a policyholder's insurance company will pay for the medical costs. In the past years, medical costs have increased significantly. These increased costs are passed to the paying customers.
• Increased repair costs. Drivers are required to carry a minimum property damage liability insurance that can range from $ 5,000 to $ 25,000. This coverage is the maximum amount an insurance company will pay for damages caused in an accident. The high costs to replace the expensive technology found in newer cars is the most significant factor that leads to overall increased repair costs.
• Increased number of uninsured motorists. According to the latest data available, the Insurance Research Council estimates that 13 percent of drivers were uninsured in 2015. For that reason, the number of uninsured claims is huge, and the losses of insurance companies are transferred to their customers.
• Insurance fraud. The Insurance Information Institute estimates that insurance fraud costs Americans $32 billion a year. Usually, high-risk drivers will lie in order to get the insurance rates of a clean driver. Some insurance companies cover losses better than others. Some will try to move the entire cost of their losses to their customers. For additional info, money-saving tips and free car insurance quotes, visit http://www.lowestcarinsuranceratesonline.com/

Lowestcarinsuranceratesonline.com is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

SOURCE lowestcarinsuranceratesonline.com