Deloitte recently forecast that the total cost of claims will continue rising over the next 10 years, fueled by more miles driven, higher accident rates (with distracted driving a major contributor), and increased severity.
In March 2016, for example, U.S. drivers logged an additional 13 billion miles over March 2015 a 5% increase. So far, cumulative travel for the year is up 4.2%.
Unsurprisingly, these trends have contributed to a recent surge in insurance rates, which rose by 6% from April 2015 to April 2016, the largest year-over-year increase since 2003.
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