By David Rodeck
From Kiplinger’s Personal Finance
The auto insurance market, like the rest of the economy, is dealing with the aftermath of a global pandemic and soaring inflation.
“Insurers went from record profits in 2020 to record unprofitability,” says Adam Pichon, general manager of auto insurance at LexisNexis, a data analytics firm. “Many insurers were caught flat-footed and are raising rates to get profitable again.”
But drivers are not taking these rate increases sitting down. Pichon says recent steep rate increases have motivated drivers to shop for lower-price policies again.
“It should be a good market for consumers for a while. Rates are going up broadly, and eventually all carriers will get to the rate that they need,” he says. “But if you shop around now, there are still deals.”…