Why is your auto insurance going up?

RICHMOND, Va. (WWBT) – Car thefts have continued to spike in our area and across the country and spiked across the country, and that means your insurance is going to cost you more.

That’s just one reason why millions are now seeing higher insurance rates.

We are now seeing the biggest price hike in four decades, and it’s digging into your wallets.

Drivers tell NBC12 that they have been searching for new options regarding their car insurance and are not happy with the increases.

“That’s still unacceptable,” Ginny Thrasher said. “$55 a month is a big jump.”

Thrasher got a surprise in the mail a few months ago, and that letter is now making her shell out more money.

“They sent me information in the mail that said my policy was going to go up to like $225 a month, and I was like, why is there a 50% increase that seems like a lot,” Thrasher said. “Like I haven’t had any tickets, I haven’t had any accidents like why am I being punished.”

Drivers across the country are seeing their auto insurance bills spike. There hasn’t been this big of a rate jump in 47 years.

Thrasher isn’t the only one. We started the conversation this morning on social media to get an idea of how many people have seen a jump in their car insurance, and the comments came flooding in.

“Also getting car parts. Car parts are by in large costing more,” AAA Mid-Atlantic spokesman Morgan Dean said. “We’re still dealing with some of the backups with the supply chain out there. Newer vehicles, lots of technology on board and if they’re involved in a crash, it’s much more expensive to make some of those repairs than it used to be in the past.”

Morgan Dean with AAA said the cost of fixing your car is soaring, and drivers are, on average, paying about 20% more for their auto insurance compared to one year ago.

He also said accident rates, inflation and crime like car thefts and break-ins are factors, but there are ways you can save.

“A usage-based insurance program,” Dean said. “Those are the things we see with apps that track your movements and actions as a driver and rewards drivers that are doing good things on the roadway, so that’s a way for some people to save, but looking at other smaller ways might be a good thing too. Instead of getting a bill in the mail each month, can you save some money by getting it in an email? Can you autopay?”

This summer, a new law took effect that allows a driver to access their uninsured coverage if needed for injuries or damage in a claim, on top of whatever range they can access for the person at fault. In the past, they wouldn’t have been able to access that coverage.

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