CHICOPEE, Mass. (WWLP) – The 22News I-Team has received reports of rates going up 10, 20, and even 40 percent over the past couple of months with no claims or any moving violations driving up the cost.
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“There really are multiple factors going on here all at once,” said John E. Dowd Jr., President and CEO of The Down Insurance Agencies. “It’s really like the perfect storm.”
Factors include supply chain issues with parts and microchips, severe weather, more insurance claims because of more crashes, and more fatalities and injuries during those crashes. According to the National Highway Traffic Safety Administration , there were more than 42,000 traffic deaths in 2022.
On top of that, cars are just more sophisticated now with new technology, like sensors, and that makes getting them repaired more expensive, “A simple bumper replacement and repair with the sensors, what used to cost $1,500/2,000, is now $3,000/3,500,” explained Dowd.