Higher Gas Prices, Lighter Vehicles Could Mean Higher Insurance Costs
National News • August 27, 2008
The cost of auto injury claims involving lighter-weight vehicles tends to be higher than the cost of claims involving heavy vehicles, according to new research from the Insurance Research ...
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Subject: RE: RE: RE: What was the incidence of claims by vehicle type
Posted On: August 27, 2008, 10:17 pm CDT
Posted By: Jake
Comment:
There are several additional factors that weigh on the premiums. The fact that fuel prices have increased has indeed resulted in a decrease in miles driven which in theory sounds like it would decrease overall risk and therefor decrease premiums....not the case....
As the fuel prices increase so do the cost to replace petrolium based auto parts...anything plastic.
The higher fuel prices are putting a tighter pinch on consumer's wallets and the claim that that insured would have retained 1 or 2 years ago will now be submitted.
The higher fuel prices are leading to increases in car-pooling. So now instead of a single person being injured in a 1 car auto accident, there is a risk of up to 5 or more people being injured in that same accident.
Hope this makes you feel better about paying your monthly auto insurance installment.
Subject: RE: RE: RE: What was the incidence of claims by vehicle type
As the fuel prices increase so do the cost to replace petrolium based auto parts...anything plastic.
The higher fuel prices are putting a tighter pinch on consumer's wallets and the claim that that insured would have retained 1 or 2 years ago will now be submitted.
The higher fuel prices are leading to increases in car-pooling. So now instead of a single person being injured in a 1 car auto accident, there is a risk of up to 5 or more people being injured in that same accident.
Hope this makes you feel better about paying your monthly auto insurance installment.