Auto insurance rates rise, but insurers brace for higher costs ahead


An employee at a used auto dealership treads water as he checks on vehicles they are moving out of the rising waters from two days of heavy rain in Lexington, Miss., Thursday, June 10, 2021.

Rogelio V. Solis | AP

Despite recent increases in auto insurance rates, the market is still soft, according to Elyse Greenspan, a managing director at Wells Fargo.

“The increase sequentially was very modest,” Greenspan said in an interview. “The reason why there was a strong increase year over year is because the premium base in May 2020, was impacted by all the refunds.”

As the amount of driving consumers did fell, auto insurers refunded $14 billion in premiums last year, according to the Insurance…


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