12/27/2023 0 Comments Instal the new Rising Mist![]() Many companies offer a discount for drivers who bundle their auto and home insurance, as TV commercials seem to tout all the time. "There are often better deals to be had." "The very first thing you've got to do is shop around," Rosenfield says. Most states require drivers to carry auto insurance, but there are ways for drivers to lower their costs. That's how the industry works." So what can you do? "When they run into trouble, they have a scapegoat system set up where they blame something else for the fact that they need to raise their rates because they want to offset their investment losses. "What people really don't understand is that insurance companies make most of their money by investment of our premiums," says Harvey Rosenfield, the founder of Consumer Watchdog in California. Life Kit Picking a good health insurance plan can be confusing. This year, that ratio is expected to be $1.09. The Insurance Information Institute says auto insurers paid $1.12 in claims last year for every dollar they collected in premiums. "We in general have found that the rate increases are justified" she says, by the higher costs that insurance companies are facing. Regulators like Arnold have dual role: trying to keep insurance premiums low enough for drivers to afford them while also keeping insurance companies solvent, so they can keep paying claims. ![]() Insurance regulators have to strike a balance ![]() "We consistently have billion-dollar storms in Minnesota, even if they don't have the 24-hour hurricane watch ahead of them," she adds. ![]() ![]() "We see a lot of hail damage," says Grace Arnold, who oversees Minnesota's insurance market as the state's Commissioner of Commerce.Īrnold says the costs of weather occurrences can quickly add up. In addition to car crashes, natural disasters - fueled in some cases by climate change - are also contributing to higher insurance premiums, and not just in states prone to hurricanes or wildfires. Natural disasters are also driving up insurance costs ![]()
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