Why Georgia’s Auto Insurance Premiums are Increasing
ATLANTA, GA – According to an online news report at 11alive.com, the premiums of car insurance in Georgia have increased by about nine percent since last year.
The price of car insurance premiums have increased since last year in Georgia which has left drivers with questions as to why this is happening. Those who live in the Atlanta metropolitan area are especially frustrated as they are facing the highest increases in rates in Georgia.
It is especially difficult for drivers to face increasing premiums when they have gotten through yet another year of dealing with Atlanta’s chaotic and congested streets.
The cost of automobile insurance in Georgia has been increasing for several years. At one time, the rates of auto insurance were the highest in the nation.
“The Atlanta metro’s growing population and low gas prices drove up traffic on already packed streets, increasing crash risks and insurance rates for everyone,” according to The Zebra, a company that tracks insurance rates.
Per The Zebra, insurance premiums in the metropolitan Atlanta area have increased by approximately nine percent since last year.
One cause is the congested roadways located in and around the city. They are often lined with construction barrels due to the amount of accidents that Atlanta experiences each day.
Another reason is due to the fact that the Atlanta economy has been improving, which results in people operating more expensive vehicles, the claims of which can be costly. Insurers adjust their premiums based upon the amount of claims they have had to pay out.
According to a professor of risk management and insurance at the University of South Carolina, he notes that “the frequency and severity of claims in Georgia make us the least profitable state in the south for automobile insurers. Private passenger auto insurers have sustained multi-billion dollar in Georgia over the last five years.”
The good news is that even though premiums are on the increase in Atlanta and Georgia in general, the rates are slowing down and not growing as quickly as in the past.
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Source:https://www.11alive.com/article/news/why-are-georgias-auto-insurance-rates-increasing/85-c880635f-bedb-4d99-8ae3-982fcc3086f2 and https://www.thezebra.com/auto-insurance/car-insurance-rate-increases/