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You may have noticed your car insurance rates go up at your last renewal, even if you’ve had no new accidents or tickets.
If your rates haven’t gone up yet, brace yourself: Car insurance companies have been losing money recently, and many will have to raise premiums to remain profitable.
Car insurance rates typically go up about three percent or four percent every year, according to the Consumer Price Index. But in December 2016, they were up seven percent from the previous December. Because the industry is expected to lose even more money this year due to more claims — and more expensive claims — we can expect insurers to kick up their rates even more. Here are some causes behind the bigger bills.