While most of us are feeling the pain from global inflation\nand supply chain problems in our everyday purchases, some of the effects are\nmore insidious and invisible. Insurance premiums are also on the rise. In\nparticular, vehicle insurance has seen a sharp increase in the past year due to\nshortages of microchips and vehicle parts for repair. This is due to rising\ncosts driving up the price tag of vehicle repair for insurance companies, who\nthen pass on these higher costs to insurance subscribers. Simply put, insurance\nclaims have gotten more expensive. <\/p>\n\n\n\n
During the most acute phase of the early pandemic, people\nwere staying home and not using their vehicles. This resulted in fewer\naccidents and a drop in insurance claims. In fact, at the time, some insurance\ncompanies were lowering premiums for customers who weren\u2019t driving as much. <\/p>\n\n\n\n
As pandemic lockdown and infection mitigation protocols have\nwaned, many people have begun driving more again. They may have returned to the\noffice, at least part-time. Traffic is up, resulting in more accidents.\nAmericans are traveling again. In fact, to avoid still-complicated airplane\ntravel, many Americans are choosing driving vacations. <\/p>\n\n\n\n
While much of the world is getting back on its feet after\nthe global pandemic, the supply chain has still not recovered to pre-pandemic\nefficiency. According to a recent <\/a>New York Times<\/a><\/em> article<\/a>, repair of the global\nsupply chain will require investment, technology, and a reworking of the\nincentives available to global businesses. More cargo ships and port workers\nare needed, warehousing is in flux, and the trucking industry still has\ncritical labor shortages. Overall, economists are predicting, that it may take\nyears to iron out problems. <\/p>\n\n\n\n \u201cIt\u2019s unlikely to happen in 2022,\u201d Phil Levy, chief\neconomist at Flexport, a freight forwarding company based in San Francisco,\ntold the New York Times<\/em>. \u201cMy crystal\nball gets murky further out.\u201d<\/p>\n\n\n\n With suppliers unable to sell critical vehicle parts to auto\nshops, repairs are taking longer and costing more money. <\/p>\n\n\n\n With costs rising on everything from fuel to groceries to\nprofessional services, vehicle repairs are simply costing more than they did a\nfew years ago, even if the parts are available. In addition, labor shortages of\nvehicle technicians mean repairs are taking longer. <\/p>\n\n\n\n Bankrate has reported<\/a> that several major\nauto insurance companies, including Allstate, Progressive, Geico, and State\nFarm, increased their rates in late 2021 or early 2022 in several states.\nAllstate and its subsidiaries have had 20 rate increases approved in 13 states\nsince November 2021. S&P Global Market Intelligence has found that rate\nincreases from a sample of vehicle insurance providers vary from a modest three\npercent to just under 12 percent. <\/p>\n\n\n\n \n\nTo see how you can mitigate the impact of rising\ncosts on your budget, talk to your insurance agent. In Connecticut, Petruzelo\nInsurance offers personal<\/a> and business policies<\/a> that fit your\nneeds and protect your financial interests. CALL TODAY! \n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":" While most of us are feeling the pain from global inflation and supply chain problems in our everyday purchases, some of the effects are more insidious and invisible. Insurance premiums are also on the rise. In particular, vehicle insurance has seen a sharp increase in the past year due to shortages of microchips and vehicle […]<\/p>\n","protected":false},"author":1,"featured_media":3242,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive"],"_links":{"self":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/comments?post=3241"}],"version-history":[{"count":1,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3241\/revisions"}],"predecessor-version":[{"id":3243,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3241\/revisions\/3243"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/media\/3242"}],"wp:attachment":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/media?parent=3241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/categories?post=3241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/tags?post=3241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Rising Inflation<\/h2>\n\n\n\n
Talk to Your Insurance Agent<\/h2>\n\n\n\n