Car insurance companies weigh a variety of factors when determining how likely potential policyholders will file a claim, with the lowest risks getting better rates, according to Forbes Advisor. Despite similar pricing factors throughout the industry, not all insurance companies weigh them the same, Forbes Advisor said, and, "a car insurance quote you get at one company might be significantly cheaper at a different company for the exact same coverage." Meanwhile, the overall cost of auto insurance has ballooned 20.3% since last year, said Joey Von Nessen, a research economist at the University of South Carolina's Darla Moore School of Business. "The rate of inflation in auto insurance is especially striking when compared to the overall inflation rate, which is currently at just 3.3%," Von Nessen told PropertyCasualty360.com. Data compiled by SambaSafety, a risk management software company, shows the cost of auto insurance up 45.8% since December 2021, with factors like claim severity, maintenance on advanced safety sensors, and distracted driving contributing to the inflated insurance costs. According to the report, an estimated 8% of fatal crashes in 2022 involved a distracted driver. The slideshow above highlights some of the things impacting the price of auto insurance today, according to Forbes Advisor. Related: |

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