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Car insurance prices surge
(www.newsweek.com)
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this post was submitted on 20 Feb 2024
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The article lists several factors:
This makes zero sense as insurance doesn't cover vehicle maintenance/repairs.
I'm pretty sure you can get coverage for repairs
They fight tooth and nail not to pay for an accident. How the hell is anyone getting money for repairs?
I don't understand how more costly repairs translate to higher insurance premiums. The insurance companies aren't paying to replace your engine.
Also their $2500 average yearly premium is insane. I'm in my 30s with two cars and two drivers insured, including comprehensive and the highest coverage progressive offers, and a 100 mile round trip commute, and it's only $1400 a year.
Your insurance might not be paying for your engine, but if you hit someone else, the liability policy will cover the car you hit engine
That goes along with more expensive cars. They're referring to people who've kept their car longer than average and have expensive maintenance items. If someone crashes into a 15 year old car hard enough, they're just going to total it out. For less severe collisions, they'll restore the car to what it was before the crash, not what it was when new.