State Farm, Allstate, Geico blame smart cars for insurance rate increases
“Cars are just getting more expensive to repair, due to the technology” – Missy Dundov, a State Farm spokeswoman.
“Now we’re not just replacing a bumper for a fender-bender, we’re replacing the cameras or the sensors in that bumper. We’re seeing newer, more sophisticated models costing much more to repair, especially with some of the more advanced safety features” – Meghan Sporleder, an Allstate spokeswoman.
Last, according to Berkshire Hathaway, Geico saw increases in both the frequency and severity of claims.
Bottom Line: this will translate to higher auto insurance premiums to some.
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