For insurance companies, providing auto policies has become more expensive due to rising costs for repairs, and some carriers have pulled out of California.
While some carriers have pulled out of California altogether, others have put safeguards in place, such as a 3-week waiting period for issuing new policies.For insurance companies, providing auto policies has become more expensive due to rising costs for repairs, and some carriers have pulled out of California altogether. CBS 8 is Working for You to find out what effect this is having on auto insurance rates.
“17 years ago when I got into the business, a front bumper on a car might $300 to $500 dollars. Now they’re $3,000 to $5,000 dollars because they have cameras in them, they have sensors in them to tell how closely they’re following the vehicle in front of them,” said David Petri, an Allstate insurance agency owner in La Mesa. Petri’s agency serves more than 5,000 customers, and they’ve noticed an uptick in the number of uninsured drivers, some who have figured out ways to game the system.
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