Ancestors

Toot

Written by Benjamin Ross on 2024-12-13 at 13:54

Auto insurance is a big factor in inflation.

Good story, but reported with a severe case of windshield perspective.

53% rise in premiums in 3 years attributed first to rising new car prices. But new cars are only a fraction of the cars on the road, and if their prices went up 53% the direct effect on inflation would dwarf the insurance effect.

"New technologies have made vehicles safer" - but new designs have made them less safe if you're not behind the windshield.

https://wapo.st/3VC4i3m

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Descendants

Written by Pete on 2024-12-13 at 16:21

@BenRossTransit

I've been thinking about this insurance premium increase. More expensive vehicles and riskier behavior may be factors. But I also think (based on my litigation experience) that auto insurance premiums have been too low to actually capture the risk and danger of operating a private motor vehicle. Insurers may be profiting from the change, I don't know, but the risk of driving a car is much higher than North Americans realize. Our transportation "system" is just really dangerous.

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Written by Benjamin Ross on 2024-12-13 at 17:33

@forpeterssake For sure! Mandatory minmum liability coverage has not gone up much if at all in the last 50 years. Meanwhile, the cost of health care has skyrocketed and general inflation has raised other liability awards. So insurance covers less and less of the damage caused by driving.

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