The Consequences of Skyrocketing Premiums
The financial burden of many families is already great, so increased vehicle insurance rates are especially concerning. Unsurprisingly, a number of drivers have opted to forgo vehicle insurance completely in the hopes of avoiding collisions and using their money for other purposes.
Regretfully, not having insurance is not a workable option. Being without auto insurance is illegal in the majority of US states. Those found guilty face fines and penalties, which can include jail time for repeat offenders. If you are detected driving without insurance, you can potentially lose your ability to obtain affordable insurance in the future.
It’s also important to note that when insurance companies have to pay for both parties in an accident involving an uninsured driver and an insured driver, uninsured drivers further contribute to increased premiums.
Anticipations for 2024
Until 2024 and beyond, will insurance premiums keep rising, or will they begin to stabilize or perhaps decline? The prognosis appears contradictory. While some experts predict that the worst is behind us, others predict that climate damage will continue to result in large repair bills and compensation. Even though it’s hard to predict the future, it’s advisable to plan for the worse and take whatever action you can to reduce those increased premiums.
