Vehicle insurance premiums in the U.S. over the next three to twelve months according to Runzhiemer. Runzheimer reported that Hurricane Harvey, along with other potential storms, could also drive up costs. Factors increasing cost more driving miles, distracted driving, increased bodily injury and collision claim quotes.
Runzheimer researches insurance rates and gathers quotes from locations around the United States for a wide range of vehicles on a weekly basis.
“As our Vehicle Insurance Trend Report describes, insurance continues to be a significant and growing component of vehicle costs,” said Heidi Skatrud, Senior Vice President of Operations and Product Management for Runzheimer. “From July 2016 to June 2017, it accounted for 17.9 percent of the total cost to own and operate a vehicle. As a percent of total vehicle costs, this component grew by 1.7 percent in the last year and 9.8 percent over the last two years.”
Highlights from this year’s trend report include:
- Americans are driving more miles – setting new records each year since 2014. 3.22 trillion miles in 2016, a 2.8 percent increase over 2015.
- Accidents are more frequent – distracted driving is on the rise. Accident frequency is at its highest level since 2007.
- Claim costs are steadily increasing – both collision and bodily injury. Since 2012, the average cost of bodily injury claims related to an auto accident has increased 15.9 percent.
- Sport utility vehicles, on average, are less expensive to insure, compared with mid-sized sedans. The average cost to insure an SUV rose by about 2 percent in the first half of 2017.
“The statistics in this report, which take into account these trends as well as the impact of recent and potential natural disasters, indicate that vehicle insurance premiums will continue to rise,” said Ms. Skatrud. “We are watching closely the potential impact Hurricane Irma might have on projections if it makes landfall in the U.S. and, as needed, Runzheimer will adjust its projections accordingly.”
Runzheimer works with companies of all sizes to ensure their drivers have auto insurance for business use, and to help manage risk.
For more information, download a copy of the full trend report at https://www.runzheimer.com/insurance.
Runzheimer, a business vehicle technology and solutions provider, is the recognized leader in mobile workforce management. The company uses this data along with trend information on driving habits, accident frequency and severity, and claims costs to compile its Vehicle Insurance Trend Report, explaining several factors affecting the outlook on auto insurance.
The cost of owning a new vehicles is most expensive for trucks and cheapest for c0mpact cars reported AAA. Electric cars are cheaper to run but have the greatest depreciation.