It’s seemingly a rule of life that nothing gets cheaper. And that includes the aftermath of an auto accident.
And now, insurance companies, and the state, want you to pony up for more coverage.
Saturday was the first day of a new insurance law here in Texas that will ultimately raise your rates.
And the reason is…well, everything has gone up.
Local insurance broker Tom Sorrels says that the cost of medical treatments and car repairs have been going up, and so has the cost of the average accident.
That will translate to a roughly 3% hike in your premiums.
So, now your rates will reflect that. But not until you renew.
Your minimum coverage per person injured goes from $25,000 to 30, thousand. The minimum for damage to the other driver’s car goes from $50,000 to 60,000.
Now, uninsured motorist coverage will still be optional, and usually adds about 7-10% to the price of a policy.