Some recent insurance industry trends and statistics have been made available that shed light on modern driving safety, and this offers a decent predictor of the future of auto insurance rates. As usual, there is both good news and bad. Some of the most important of these trends are discussed below, as well as what this might mean for your wallet.

A Look at Recent Trends Affecting the Auto Insurance Industry

1. More New Cars

In 2015, sales of new cars reached a record high, with nearly 17.5 million vehicles sold. These vehicles offer improved safety features, but they cost more to repair after a collision or slide-off.

2. More Miles Driven 

The same year, U.S. drivers put more than 3.1 trillion miles on their cars. This was an increase of more than 3% over the previous year, the largest increase on record for 25 years.

3. Fewer Deaths  

Despite increases in the mileage driven, driving deaths have decreased over time, in part due to improved safety measures on the vehicles themselves. Another reason for the decrease are advances made in the medical field that help save lives.

4. Higher Medical Treatment Costs

Unfortunately, the improved medical care available comes with higher costs. This means that insurance companies are making larger payouts, both for increased hospitalization expenses and for more expensive vehicle repairs (see above).

5. Increased Number of Accidents

Over the last decade, the number of accidents has increased. This is most likely a result of a combination of bad weather patterns and increased driver distraction due to cell phone and device usage.

The takeaway from these facts is that, despite the fact that people are driving more miles and are involved in more accidents, the vehicle safety improvements in new cars and the improved medical care available are saving lives. However, the cost increases incurred by insurance companies could mean an increase in auto insurance rates for 2018.

If you want to lower your rates or improve your auto or motorcycle insurance coverage, get in touch with the experts at Ohio Insurance Center Agency in Cincinnati, OH. As an independent agency, they work with a variety of insurers and will search their broad network of providers to find you the most appropriate coverage for the best price. Visit the website to request a free insurance quote or to inquire about an SR-22 bond, or call (513) 522-6300 to discuss your options with a friendly, experienced professional.