If you own a car or you own a home good chance that the insurance for either or both is probably already expensive and as we enter the new year unfortunately it’s going to go up insurance coverage in Texas likely to take a sizable step up in price we’re hearing here’s an update with Steve Pickett this is the most severe impact I’ve seen hit at one time it’s not the volume or speed of traffic
That North Texas insurance agent Robbie Robinson Marvels it is the pedal to the metal cost overdrive for other insurance to be parked in Texas Drive-In boxes and premium payment plans 2023 according to Insurance analysts will deliver a 20 increase for auto coverage that’s two hundred dollars more for example on a one thousand dollar coverage plan Robinson says inflation Rising costs for car repairs replacement parts and other
Items have hitched a ride on your coverage the insurance companies are having to pay out a lot more money to either replace a totaled vehicle or the bill that they’re getting from a body shop and that’s a combination of higher labor at The Body Shop parts are in short supply and it’s not just the coverage on your car that’s going up your biggest investment your home that coverage yeah
It’s going up too it’s almost like the perfect storm uh the insurance industry is not immune to inflation so we’re seeing the impact of inflation hitting homeowners insurance uh cost of construction Valley of homes all of these things are having an impact on homeowners insurance Robinson’s 2023 advice shop around look for another carrier if possible find insurance that suits your needs your budget but don’t get taken for a ride.