New vehicle buyers have a lot to consider when determining what kind of car they can afford. The average monthly car payment is more than $500 now and insurance rates have jumped by more than a third between 2010 and 2016, according to the Insurance Institute for Highway Safety.
Odds are, the more expensive the vehicle is, the more it will cost to repair it in the event of a crash or theft. IIHS says that insurance companies make claim payments of roughly $900 on average per vehicle. Some vehicles get into more accidents, and some have higher payouts for each accident.
Read the article at The Detroit Bureau.
The post New Car buyers Beware – Insurance Premiums on the Rise appeared first on Fleet Management Weekly.
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