Rates fell on average 4% in 2020 but expect rates to increase in 2021.
The average annual car insurance bill is $1,483, down 3.9%.
Gee, with so many people working from home, why didn't rates fall more than 4%? Car insurance companies are posting record quarterly profit gains. The Center for economic Justice and the Consumer Federation of America are asking insurers to reduce rates to reflect their growing profits.
Insurers say the accidents that have occurred have higher property damage and higher medical cost because the fewer accidents have been far worse to the excessive speeding taking place during the pandemic. Also there is a lot more accidents attributed to distracted driving due to drivers texting and talking on smartphones.
Miles driven are returning to pre-pandemic levels even if a lot of employees are still WFH. More people are driving rather than flying to visit relatives and take vacations.
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