Home and auto insurance set to increase by up to 10%

The cost of replacing depreciated cars has risen sharply with supply chain issues related to Covid-19. Photo / File

Auto and home insurance premiums will rise 7-10% overall over the next year, a senior insurance executive predicts.

Insurers are under increasing pressure on costs

Asked how these inflationary pressures would impact home and auto insurance premiums, Wright said it was inevitable that insurers would pass these costs on to their customers.

“Newer vehicles on the road with advanced technological features (ie sensors, cameras, etc.) mean that the average cost of repairing these vehicles is much higher. Repair costs for daily claims such as windshields, mirrors with this technology have increased significantly. “

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Justin D. O'Neill