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Title: Freedom Insurance Explores the Reasons for Surging Auto Insurance Costs in Texas

United States, 22nd Jul 2024 - Texans searching for affordable car insurance are hitting roadblocks as rates soar across the state. According to S&P Global Market Intelligence, from 2018 to 2023, Texas experienced the highest auto insurance rate increase in the nation at 46.5%.  According to Erik Gamblin, CEO of Freedom Insurance, “"With auto insurance rates in Texas steadily climbing, drivers are feeling the financial pinch as premiums rise, making it increasingly important to shop around and find the best deals to stay covered without breaking the bank." The question remains: what is causing rising auto insurance rates?Driving Habits and Safety ConcernsOne significant factor contributing to high insurance costs is Texas' driving culture. The state has seen alarming statistics in road safety:In 2021 alone, Texas recorded 2,169 fatal crashes involving alcohol, the highest in the country. Additionally, the state reported 1,172 fatalities where individuals were not wearing seatbelts, along with 1,568 deaths related to speeding.Despite having fewer registered vehicles and drivers compared to California, Texas has faced higher incidences of fatal accidents due to risky driving behaviors. This disparity underscores the elevated risk factors that insurers must account for when setting premiums.Vehicle Theft and Uninsured VehiclesWhile Texas ranks second in vehicle thefts behind California, with 105,015 incidents reported, the state also grapples with a substantial number of uninsured vehicles. In 2021, Texas logged 2,604,394 unmatched registrations, pointing to a significant proportion of vehicles potentially being uninsured. This scenario escalates risk for insurers, resulting in higher premiums to offset potential claims payouts.Financial Challenges for Insure...

This press release is issued by King Newswire