At Truska Insurance, we offer straightforward, affordable insurance that focuses on you. We view insurance as more than just a product-it's an opportunity to design a coverage plan that not only offers value but also provides peace of mind for the business you've built, the car you drive, and the place you call home. Our primary goal is to protect what matters most to you.
An uptick in thefts
Thefts remained on the rise in the first half of 2023 – up 2% compared to the first half of 2022. That's after over one million vehicles were stolen in the U.S. in 2022, the highest since 2008, with a 7% year-over-year increase.
The UAW strike
Based on past events, the fall 2023 auto workers strike may lead to longer cycle times and non-OEM part price increases. In fact, on this side of the 2023 strike, Ford has already said that the deal struck with workers will eventually add $850 to $1,000 to a new car.
Another rise in vehicle repair costs
After double-digit vehicle repair cost increases in 2021 and 2022, 2023 saw a modest 4.6% increase through Q2 in 2023. Yes, it's a better increase, but it is passed on to consumers nonetheless.
Limited inventory
If you've noticed limited inventories when car shopping – that's impacting insurance, too. Limited availability inflates car values and, subsequently, insurance premiums.
Higher vehicle replacement costs
Vehicle replacement costs soared nearly 45% between 2020 and 2023, outpacing inflation by roughly 30%. This upward trend will continue to impact the cost of comprehensive and collision coverage in your auto policy.
Severe weather
Natural disasters cost insurance companies millions in losses. Insurance companies increase premiums in the ensuing years to make up for these losses.
Higher medical expenses
Medical costs are also on the rise. For auto insurers, that means higher payouts for bodily injury liability claims and, again, higher premiums for auto owners.
Install protective devices:
Increase your deductible
A higher deductible will likely reduce your premium.
Bundle your policies
Home and auto are commonly bundled for a discount.
Explore customer retention programs
Decreasing Deductible program applies a $100 credit each year toward your deductible. This credit is earned at your annual renewal date, even if you have a loss.
Review your insurance
Make sure all home improvements are accounted for. Cancel or reduce the coverage you no longer need for your personal property, jewelry, or recreational vehicles.
Fill out the form with any questions you have about finding the coverage that's right for you!
Monday - Friday: 8 am - 5 pm
Saturday: Closed
Sunday: Closed
Copyright © 2024 Truska Insurance Agency, Inc. - All Rights Reserved.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.