Car insurance is a major driver of insurance premiums for most people.
According to a recent study, rates for auto insurance could increase by an average of 6% in the first year of 2018, according to a report from the Insurance Information Institute.
The report, titled The Biggest Change: Insurance Costs and the Biggest Insurance Changes in 2018, predicts that premiums for car insurance will likely rise by an additional 4% between 2018 and 2019.
If car insurance is expected to continue increasing, the Insurance Institute expects to see an increase in the premium costs of drivers for 2017 and 2018, as well as the number of claims, accidents, and claims per vehicle.
However, the report doesn’t give a reason for the increased premium costs.
Insurance Institute Senior Vice President of Research and Analysis, Chris Krawczyk, told The Wall Street Journal that the rise in premiums is due to the rising costs of claims for insurance claims and to the increase in vehicle-related incidents, which are the most common types of injury and death that are caused by drivers.
Krawczzyk told the newspaper that car insurance premiums are expected to increase by 6% for drivers in 2018 and 8% in 2019.
Insurance experts expect that the average cost of a car insurance policy will increase by 4% annually from 2017 to 2019, the Institute predicts.
However for 2019, it predicts that the cost of insurance would be about the same as it was in 2018.
“We think that premiums are going to go up.
There is no doubt that they are going up,” Krawcszyk told The WSJ.
“But, they’re going to come down.”
The increase in premium costs is likely due to a variety of factors, including an increase from the government to increase car insurance benefits and an increase by insurers from increasing their claim amounts to more aggressive pricing, according the report.
For example, insurers in California are considering increasing the amount that drivers are allowed to claim on their policies from $2,000 to $4,000 per year, according a report by the Insurance Review.
This increase is a move from California, which is the most expensive state in the country for car coverage, according in the report, as the state is ranked the third most expensive in the U.S. by insurance company data.
Insurance companies also may be paying more attention to claims than in years past, according with the report from Insurance Review, with claims costs going up about 8% for 2017.
According the Insurance Department, the number and rate of claims has increased each year since 2009, which resulted in more claims.
For 2018, insurance claims cost more than $1 trillion, according insurance analysts.