Have you looked at your car insurance bill lately? If not, you really should…but be warned that you may be in for a nasty surprise! 🤯 Insurance rates in Washington State have skyrocketed over the last couple of years, and not just for people with bad driving records. Exact rates are different for everyone, of course, but the trend is the same across the board: up.
So what’s going on and how bad has it gotten?
Here are Five Fast Facts on skyrocketing car insurance rates in Washington State:
- 📈 More Than A Fender Bender - You know how a fender bender refers to a little accident that doesn’t do much damage? Well, this year’s insurance rate increases are MUCH more than a fender bender! Washingtonians have seen increases in liability insurance of 22%, and some full coverage increases as much as 60%! 😱
- 📝 The Official Bump - The state Office of the Insurance Commissioner approved a roughly 25% average premium increase for the year. The last “big” increase was 7.1% back in 2017. Last year it was only 2.8%. So this year’s price gouging is officially official, and it’s every company so shopping around doesn’t really help. Lucky us.
- 🔧 What The Heck Is Going On - Insurance companies cite several reasons for the price hikes. Cars are more expensive (which our readers will know very well), and so are the parts and labor for repairing them. There are still some parts and labor shortages, too, which also contribute to higher prices. And modern cars often require specially trained techs to repair rather than your ol’ grease monkeys of bygone days, and that costs more, too.
- ✋ In The Dumps - As a result, insurance companies have started dumping customers, especially if they are higher risk drivers. If you have a couple tickets or accidents on your record, your insurance company may kick you to the curb with little or no warning.
- 😞 Brace Yourself - In 2022, around 17% of Washington state drivers didn’t have insurance. That number will likely go up now. Many lower income families who are struggling with higher car insurance costs are the ones who need it the most since they often work multiple jobs and need their cars to get around. Most people know they should have it, but…well, if it’s between car insurance and food, which would you pick?
🔥Bottom line: This is tough. Unfortunately, sometimes you gotta make tough choices between bad options, and this seems to be one of those.
What’s your take on why car insurance is through the roof?
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