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Can Auto Insurance Companies Raise Rates? – Aurora CO

Hi, guys. Joy Restrepo here with the Conaway Agency. I am answering a question today. It is January 28th, and our question of the day is, “Can auto insurance companies raise rates?” Well, that is a great question. Auto insurance companies can raise rates, but it has to be approved by the state. It’s not something a company can just do on its own or for no reason. There are a couple of reasons why we do see rate increases here in Colorado, one of which will be hail. Hail is a huge reason we get rate increases because we have big hailstorms. It’s going to be more of a whole state thing than just per hailstorm. Another reason is all of the people moving here. The more people we have here, the more accidents we get in, the more uninsured motorists on the road. That is a big effect in why you’d see a rate increase. We’ve received tons of great questions, so we’ll make sure to keep answering them and keep you guys informed. Thank you.

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