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As most insured drivers have noticed, car insurance rates in Virginia have recently increased. This has happened not to one single company, but to insurers throughout the state. For example, State Farm raised their average premium rate by 1.2 percent in November of 2012. While rates are still lower than they were nearly a decade ago, this raise has certainly come to the dismay of many drivers, especially in the current economy.
The types of coverage that are seeing the biggest increases are liability and comprehensive coverage. Liability coverage includes any coverage that protects other people and property from damage that was caused by the insured motorist. Comprehensive coverage includes not only accidents, but vandalism, theft, storm and tree damage, fire, windshield replacement, and more.
The increase in premiums across VA will be felt in different ways by different drivers. While rates are going up across the board, they are much more likely to be felt by high risk drivers, high mileage drivers, and those who drive expensive automobiles. Of course, where the driver resides also plays a large role in the total premium cost, making this yet another factor in how sharply the new rate increases are felt. The number and age of insured drivers will also have an impact on premiums and how much they increase.
State drivers are certainly not happy about the increase in insurance premiums, but there is little that can be done. With theft and other insurance claims on the rise, insurance companies are being forced to ensure that they are able to provide proper coverage for all of their insured. Rate increases are never a welcome sight when it comes to car insurance, but it may offer some comfort to know that in many cases, collision rates are actually on the decrease even as other types of coverage go up.