few years, but now they're heading back up.
Rates in Missouri and Illinois increased 3.8 percent from
April through June, according to Insurance.com, an online
auto insurance agency.
A Missouri car owner who was paying $1,569 a year now
pays $1,629. An Illinois owner who was paying $1,512 now
pays $1,570.
Missouri and Illinois were among the 10 states with the largest
percentage increase in premiums, the study says.
Nationwide, this was the second consecutive quarter for rate
increases, reversing a trend of steady or falling auto rates.
Eric Gerst, a lawyer, insurance industry critic and author of the
book Vulture Culture
expects insurance rates to go up as gasprices continue to rise.
He writes that the companies have fixed costs to pay (just like us).
So when some consumers can't afford to renew their policies,
insurers keep profits up by:
— Increasing rates to existing customers.
— Decreasing benefits.
— Increasing deductibles. [read more]
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