Why your car insurance premiums are going up so much

Besides more expensive new and used cars, parts, and labor, people are driving crazier and getting in more accidents.

The Seattle area is “seeing an alarming increase in traffic deaths and serious crashes,” KING 5 TV reported on June 19, 2024. “Prosecutors said it’s the most dangerous time on record to be driving” on local roads (read story here).

KING 5 said King County, where Seattle is situated, has experienced a 500% increase in serious injury crashes since 2013 due to more people driving under the influence, not wearing seatbelts, and more drivers hitting pedestrians and cyclists.

But those aren’t the only factors. According to the Fox 13 Seattle video below, bigger vehicles also are a factor. And, of course, more population leads to more drivers, cars on the road, and accidents.

Their story doesn’t mention insurance, but this obviously impacts insurance rates. Auto insurance premiums reportedly jumped 40% in 2023, and media stories suggest they may jump another 40% in 2024, as insurers face a tsunami of claims and high-dollar settlements. And, of course, there will be more people driving with no insurance.

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