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    Home»Insurance»Skyrocketing insurance rates in Oregon – InsuranceNewsNet
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    Skyrocketing insurance rates in Oregon – InsuranceNewsNet

    December 23, 20222 Mins Read
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    Lisa Yan found that her auto insurance costs had gone up by 45%, and she’s not alone. The insurance premiums in Oregon are growing at an unprecedented rate.

    Yan’s family owns four vehicles and has spent approximately $4,000 on insurance last year. When she received her policy renewal quote three months ago, the premium went up to $5,800with few accidents on her daughters’ driving record.

    Nationally, Americans will spend about 16% more on car insurance than in 2022, according to a report by Insurify. Oregon, Maryland and Virginia experienced the largest increases at over 25%.

    Alain PainterOwner of First insurance groupsaid he noticed premiums had increased at an unusually high rate.

    “All types of insurance have skyrocketed,” said Painter, who has worked in the insurance industry for 35 years.

    First insurance groupto 708 SE Mosher Ave. in Roseburgrepresents various insurance companies and handles approximately 200-300 claims each year.

    state farm CEO Michael Tipsford spoke at Insurance Information’s Joint Industry Forum to 1st December where he said, “This will be the biggest underwriting loss in our company’s 100-year history.”

    Several car insurance companies said they were paying more repair and replacement claims as the cost of parts and labor rose due to labor and supply shortages. It also forces vehicles to stay longer in body shops, which leads to additional costs for rental vehicles. As the value of used vehicles increases, it costs companies more money in claims and all of this affects insurance rates.

    In Douglas Countyaccording to First insurance group.

    The average American will spend $1,895 on auto insurance in 2023, according to Insurify.

    Brent Newtonwho owns ‘A’ Mr. Auto’s Douglas County to 884 SE Stephens St.said insurance companies were reluctant to underwrite coverage from October.

    “A lot of the people I quote don’t have insurance,” Newton said. “It can be a vicious cycle.”

    Of January 1, 2019 until Tuesday, Roseburg City Police Department had written over 3,000 citations to people for driving without insurance.

    “You need a car in a small town like this to get around,” Newton said.

    Auto insurers are encouraging their customers to install safe driving tools on their phones to track driving habits so they can qualify for discounts on insurance rates.

    “I think things will be better in 2024,” Painter said.

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