Auto Insurance Claims Increased After Snownamis
After a massive set of snowstorms hit the East Coast in the month of February, many states, especially Maryland, saw a huge increase in the number of auto insurance claims it received. The record-breaking accumulation in the area resulted in what the state estimates to be nearly $1 billion in damages. As a result, auto insurance claims were catapulted through the roof.
Snow Storms Caused Massive Damage
The blizzards that blew through Maryland left several feet of snow behind for emergency crews and residents to push through. Unfortunately, in addition to the damage that the heavy snow caused to roofs, many cars accumulated damage as well due to dangerous conditions on the road and even snow plows hitting them as they cleaned the streets.
Because of these unforeseen incidents, auto insurers in the area estimated that the volume in auto insurance claims tripled in volume. Some have even noted that this storm may be one of the most destructive the area has seen.
Insurance Rates Could be Affected
As a result of the snownamis, the some insurance leaders think that auto insurance rates could be pushed a bit for the area in the long term. While the Insurance Information Institute (III) has yet to estimate how much damage was incurred and there has been no overall determination of how many claims were filed, it is very possible that the severe damage and high number of claims could affect auto insurance rates.
If youre feeling worried about what auto insurers might do, you may want to contact your insurance company to ask about how the claims might affect overall rates. However, be prepared to not receive a straight answer as it could take months to determine if the damage could have had wide-spread effects.