Why be in good hands when maybe there are even better hands to hold you?
According to the Insurance Journal, Allstate has said it is raising automobile insurance rates due to more claims of physical damage and severity of bodily injuries. Reserve amounts (the money they must have to pay out for the claims) were significantly increased.
Allstate auto insurance rate increases totaled $862 million in the first quarter of 2022 alone after $702 million of rate increases in the fourth quarter of 2021, Allstate said. I know It sounds like a lot of numbers, but this is the way insurance carriers can stay afloat and in business.
Accordingly, Geico and Progressive have also announced rate increases for auto premiums for the increase in auto accidents.
We all know that inflation is affecting everything across the board in pricing. Maybe even your homeowner’s insurance carrier will be raising rates. Even catastrophic claims that occur elsewhere in the United States and not usually here in New York or New Jersey can affect a carrier’s overall rate to all of their policyholders.
It is also wise to utilize an independent insurance broker (such as we are) rather than a captive insurance agent as does Allstate and State Farm among others. We are not just tooting our own horn. All your eggs are in one basket with them as they only work for one insurance company. An Independent insurance broker has access to many carriers so you can always have options to choose from what different carriers may have to offer when insurance rates are increased.
Everyone should know that having all your insurance in one place can offer nice discounts in pricing. So why not give us a call (or a click) to see if there’s something we can do for you. You are under no obligation – it’s our “freebie” to you for the asking. And who doesn’t love getting a freebie?