BUSINESS + ECONOMY

Car crashes driving up cost of auto insurance

Feb 22, 2024, 5:00 PM | Updated: 5:37 pm

A white Jeep crashed into a building in Ogden after the driver experienced a medial issue and lost ...

A white Jeep crashed into a building in Ogden after the driver experienced a medial issue and lost consciousness in October, 2023. (Ogden Police Department)

(Ogden Police Department)

SALT LAKE CITY — Car insurance rates are on the rise — by as much as 20% this year — according to the most recent Consumer Price Index report.

Janet Ruiz with the Insurance Information Institute said one of these factors is the higher cost of car repairs. She added inflation and labor shortages have created a 46% increase in vehicle repair costs.

“Inflation and supply-chain disruptions contributed to a 46% percent cumulative increase in replacement costs, auto parts, new vehicles, etc.,” Ruiz said.

Is the pandemic part of this? Yes. Ruiz said people have been slacking in alert driving practices ever since the pandemic began. Distracted driving has risen 30% since 2019; more drivers speed and text, which causes more accidents and results in insurance rates climbing, she added.

But, she said, there are steps drivers can take to lower the cost of their insurance, including:

  • slowing down,
  • leaving early for your destination, and
  • parking in safe places to avoid car theft.

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Car crashes driving up cost of auto insurance