Why Did My Insurance Rate Increase in Connecticut?

By: Woop Blog Group
Updated
Tuesday, March 21, 2023

If you are wondering why your insurance rates have gone up in Connecticut, you are not alone. Many Connecticut residents have seen an increase in their insurance rates recently. There are several reasons why insurance rates have increased, and understanding these reasons can help you take steps to lower your insurance costs.

According to a recent study by the Connecticut Insurance Department, the average car insurance rate in Connecticut increased by 3.6% in 2020 compared to the previous year. This is in line with national trends, where insurance rates have been increasing across the country.

One of the main reasons why insurance rates have gone up in Connecticut is distracted driving. In 2020, there were over 10,000 distracted driving accidents in the state, according to the Connecticut Department of Transportation. This has led to more insurance claims and higher insurance rates.

Another reason why insurance rates have gone up is rising medical costs. Healthcare spending in Connecticut has been increasing at a rate of 4% per year, according to the Connecticut Health Foundation. This has resulted in higher insurance premiums for individuals and businesses.

Extreme weather events, such as hurricanes, tornadoes, and floods, have also contributed to higher insurance rates in Connecticut. In 2020, Tropical Storm Isaias caused $1.3 billion in damage in the state, according to the National Oceanic and Atmospheric Administration (NOAA).

Lastly, an increase in crime rates has also led to higher insurance rates in Connecticut. Property crime rates in the state increased by 12.2% in 2020 compared to the previous year, according to the FBI. Insurance companies have had to pay out more claims related to theft and property damage, leading to higher insurance rates.

In conclusion, several factors have contributed to the recent increase in insurance rates in Connecticut. Distracted driving, rising medical costs, extreme weather events, and an increase in crime rates have all played a role. However, there are steps you can take to help mitigate the impact of these increases. By shopping around for the best insurance rates, adjusting deductibles, and taking steps to reduce risk factors, you can help keep your insurance premiums as low as possible.