The average statewide rate for personal auto insurance soared 23.8 percent in 2022, according to the Texas Department of Insurance
Tow and Go driver Rico Luna hooks his tow truck to a car along Route 288 last year. The jarring increase in insurance premiums comes after several years in which the cost was essentially flat.If you've had to renew your auto insurance recently, you may have had an unpleasant surprise. .
The jarring increase in insurance premiums comes after several years in which rates were essentially flat. Ben Gonzalez, a TDI spokesperson, broke down some numbers: in 2018, the average rate increase was just 1.8 percent, and in 2019 and 2020, average rates actually declined slightly. "After the pandemic it just shot right back up," Gonzalez said."More cars back on the road; severity of accidents; and then all this inflationary stuff with cars themselves, new and used — and the same with the repairs on them."Texas is ending vehicle safety inspections, to the chagrin of some: 'It really fails the logic test'
Rich Johnson, director of communications and public affairs for the Insurance Council of Texas, a nonprofit trade association, offered a similar assessment, pointing to several overlapping trends that have combined to raise the risks insurers face. "People really got bad driving habits during COVID, and they just continued. The frequency and severity of accidents actually increased," Johnson said."Linked to that, for a while there rental cars were super expensive. The cost of used cars, and cars in general, has dramatically increased. There was a labor shortage, there was supply chain issues, and the cost of repairing a vehicle these days is so much more expensive than it was 10 or 15 years ago.
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