3 Factors Causing Auto Insurance To Increase In 2022

​Owning a car is an important investment. Auto Insurance rates are skyrocketing again after a downturn in the previous years. Auto Insurance is a contract in which you agree to pay for protection against any financial losses in case of mishaps. Here's what you need to know to fully understand why there is an increased rate in auto insurance.

Inflation
One of the key drivers of the upward auto insurance rates is inflation. Due to the annual inflation, mechanic labor and car parts are skyrocketing. Consumers are starting to drive their cars more again, resulting in road traffic. More traffic means more possible car incidents, which means more repairs and replacements for car parts.

Distracted Drivers
A commonly cited cause of distraction for drivers is mobile phones. Just sending a quick text or making a phone call can compromise the safety of the driver and passengers. The use of mobile phones might also hinder the ability of the driver to focus while driving. Some people cannot multitask, which leads to an increased rate of injuries and fatalities nationwide. 

Smart Technology 
In today's world, vehicles have been equipped with the latest technology and features for safety and convenience, making them much more expensive in case the vehicle is damaged. 

Auto Insurance Coverage
Below is the list that may be covered by auto insurance, including, but not limited to:

• Vehicular Damages 
• Property Damages
• Bodily Injuries
• Medical Expenses
• Funeral Bills

Conclusion 
Auto Insurance exists not only to protect one's vehicle. It may also save them from financial losses and medical expenses. In this modern world, auto insurance might be a smart investment.

At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at  (888) 661-8831. Get your free quote today by CLICKING HERE. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!