Car Accident Insurance Trends
According to the Insurance Information Institute, the cost of accident claims has steadily increased over the past three years. Specifically, bodily injury claims have increased by almost 10%, while property damage claims have gone up by approximately 15%. Similarly, the cost of personal injury protection has increased by around 20% and both collision and comprehensive insurance claims have gone up by 11%. These increases reveal a number of different changes in the insurance industry. For one, the cost of insurance claims represents the frequency and severity of accidents, so these numbers demonstrate that the number of claims being filed across the country have been rising steadily. If you have questions about how the rising cost of claims could affect your own efforts to collect compensation for your accident-related losses, you should strongly consider speaking with an experienced Houston car accident attorney who can advise you.
Frequency of Claims and Accidents
The study published by the Insurance Information Institute revealed that accidents and insurance claims are on the rise. In fact, the number of claims filed in 2013 went up by 2.4% and a further 4.4% in 2014. The numbers continued to rise by roughly .08% in 2015. According to the Federal Highway Administration, this drastic increase could be linked to the rise in the number of miles being traveled by Americans, as there is a clear correlation between an increase in miles driven and the frequency of crashes. The study also posited that the number of miles being driven is closely linked to the employment rate, so the more people are employed, the more people will be on the road traveling to and from work, and the more crashes will occur. Researchers have also considered a possible connection between gasoline prices and the number of miles being driven, although this link is much more tenuous.
Severe weather events, such as snowstorms, heavy rain, high winds, and heavy fog also have an impact on the number of car accidents occurring across the nation. In fact, the National Highway Traffic Safety Administration estimates that as many as 22% of all car crashes are related to weather, which could explain why claims have increased alongside the number of catastrophic natural disasters and extreme weather occurrences. Finally, distracted driving, which is estimated to cause around 10% of fatal crashes, 18% of accidents resulting in injuries, and 15% of accidents where only property damage was sustained, may be causing an increase in the accident rate. As the use of smartphones has steadily gone up, so have the number of distracted driving accidents. This in turn has a considerable effect on not only the severity of crashes, as distracted driving-related accidents tend to occur at high speeds and so result in more severe damage, but also the number of claims being filed by injured parties.
Schedule a Free Consultation with a Dedicated Houston Car Accident Attorney
To speak with an experienced attorney about your own accident claim, please contact Michael P. Fleming & Associates, P.C. at 713-221-6800 today. Initial consultations are free of charge.