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Pandemic Impact on Auto Rates? Increasing Car Values & Part Costs What's the Deal?
Nov 26, 2021
Will the pandemic and supply chain problems have an impact on your auto insurance premiums?
In my most recent blog post , I discussed how supply chain problems and chip shortages affect insurance payouts. But will the pandemic and supply chain problems have an impact on auto insurance premiums ?
The effects of the pandemic and supply chain problems have been felt in many ways. Some of the realities we are experiencing include the following:
Auto physical damage coverages are typically written without a limit. Claims are paid based on Actual Cash Value. That is the good news as claim payouts will adjust for all the factors above.
If the above challenges persist, we will all see upward pressure on the rates we pay. It is wise to be aware of this situation … and be prepared.
What can we do about it? We need to pay attention to things that we can control that influence our car insurance rates in the other direction. Maybe that’s a good topic for the next “Ask Jeff” blog post?!
- https://economics.td.com/us-vehicle-sales
- https://money.com/new-car-price-record-high-2021/
- https://finance.yahoo.com/news/used-car-prices-roof-might-110000814.htm
- https://tinyurl.com/r29ub55y
- https://www.cedp-edu.com/surge-in-the-need-for-skilled-auto-mechanics/
- https://www.cedp-edu.com/surge-in-the-need-for-skilled-auto-mechanics/
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