Rising prices aren’t hard to find, and people may find it harder to afford things they need, including car insurance. According to the Wisconsin Department of Transportation, the number of fatal crashes last year was the highest since 2018, at 547. While there are many different factors that go into a vehicle collision, insurance rates don’t seem to be dropping anytime soon.
According to a report from Marketwatch Guides, the national average premium increased 16% from 2022 to 2023, but in Wisconsin, the average premium increase was 38.9%.
“Kind of specifically why it’s getting more expensive in Wisconsin, we’re seeing more severe weather events, health care costs have gone up significantly in Wisconsin and that one big payout that insurance companies have to pay is for when somebody gets hurt, so hospital expenses for car accidents,” said Abby Drexler, the digital P.R. manager at Marketwatch Guides.
Wisconsin, along with West Virginia, Montana, Pennsylvania and Michigan, is one of the top 5 states in the country for animal collision accidents. In Wisconsin, a person has a 1 in 60 chance of being involved in an animal collision.
Meanwhile, the trend of rising rates seems likely to continue for the time being.
“It’s probably going to continue to go up, I’m not saying forever, but especially since it’s been raising the interest rate like it seems like they keep raising it every year, all year for the last couple of years it seems like since Covid,” Drexler said.
Some of the best ways to lower your insurance rates can be to find a policy that best suits your specific needs, even if it means switching from your current provider.
“Look for discounts like looking at your local options, increase your deductible like trying a driver safety course, and reduce your coverage if it’s appropriate,” Drexler said.
