Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Rhode Island has the highest car accident costs, here are the other states with high costs By: FOX Business June 18, 2024 at 14:25 PM EDT Drivers are struggling to deal with high car repair costs, with Rhode Island, Georgia and Connecticut facing the highest costs. Costs associated with car ownership have been steadily increasing, from high insurance costs to rising repair costs. Car accidents often drive up insurance premiums and result in costly repairs.Rhode Island currently has the highest car accident costs in the country at $1,987 per capita, a recent Dolman Law study found. The state’s total accident costs amount to more than $2 billion. Despite these high costs, Rhode Island does have the lowest fatality rate in Dolman’s study.Georgia comes in second for the highest car accident costs, with about $18.6 billion in economic costs for the whole state. Georgia has 2.5 times more fatal accidents per capita than Rhode Island.Coming in third is Connecticut, with a repair cost of $1,712 per capita. Compared to both Rhode Island and Georgia, there are more licensed drivers in Connecticut, and the fatal accidents rate is relatively low at just 8.2 per capita.Rounding out the top five states with high accident costs are New Jersey, with $1,577 car accident costs per capita and Delaware, with a $1,518 cost per capita.Dolman’s Law looked at states in the rest of the country and found the following 10What states are also in the running for the highest car accidents cost:Having the right auto insurance is vital, especially if you ever get in an accident. Compare multiple insurance quotes for free in minutes through Credible.NEW VEHICLES ARE BECOMING MORE AFFORDABLE AS VEHICLE LOAN INTEREST RATES DECLINECalifornia District Attorney Pamela Price recently filed a lawsuit against multiple major car insurers, including Progressive and the United Services Automobile Association (USAA).The lawsuit claims the companies undervalued totaled vehicles, making it difficult for drivers to get the money they were owed through their policies. These companies allegedly used valuation software that systematically undervalued vehicles deemed totaled. The suit specifically points out that this devaluation affected senior citizens and veterans.The complaint goes against the rules that keep insurers in line with customer needs. It states that major car insurance companies "owe "duties of good faith and fair dealing to hundreds of thousands of California residents and businesses each year."Mechanic shops were also mentioned in the complaint since some of the vehicles deemed totaled by the software could have been repaired instead, taking business from the shops.If you want to make sure you’re covered in the case of an accident, Credible's partners can send you free quotes if they find you a better rate than what you’re currently paying.A TOP GOAL OF AMERICANS IS TO BUY A NEW CAR, BUILD EMERGENCY SAVINGS: STUDYRepair-related costs for vehicles are rising throughout the country. Inflation has driven the cost of everything up, car parts and labor included. Car repair costs have risen by 17% so far this year, the Federal Reserve Bank of Minneapolis reported.The Federal Reserve also cites part shortages and a tight labor market also contribute to higher-than-average repair costs.Complicated repairs that require specialized parts add to the rising cost of repairs as well. A third of repair costs are made up of repairs to advanced driver aids, Kelley Blue Book states. These aids consist of systems like blind-spot monitors and smart cruise control. They’re made of a complex network of sensors that can be costly to fix.The average cost to fix one of these systems is $1,540, AAA found. The higher the repair costs, the more a driver's car insurance could rise, so these costly repairs have contributed to record-high average premiums.Comparing multiple car insurance quotes can potentially save you hundreds of dollars per year.It’s easy to get a free quote in minutes through Credible.MANY DRIVERS ARE SPENDING OVER 30% OF THEIR MONTHLY INCOME ON AUTO LOANS, CAR INSURANCE COSTS ALSO RISINGHave a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Rhode Island has the highest car accident costs, here are the other states with high costs By: FOX Business June 18, 2024 at 14:25 PM EDT Drivers are struggling to deal with high car repair costs, with Rhode Island, Georgia and Connecticut facing the highest costs. Costs associated with car ownership have been steadily increasing, from high insurance costs to rising repair costs. Car accidents often drive up insurance premiums and result in costly repairs.Rhode Island currently has the highest car accident costs in the country at $1,987 per capita, a recent Dolman Law study found. The state’s total accident costs amount to more than $2 billion. Despite these high costs, Rhode Island does have the lowest fatality rate in Dolman’s study.Georgia comes in second for the highest car accident costs, with about $18.6 billion in economic costs for the whole state. Georgia has 2.5 times more fatal accidents per capita than Rhode Island.Coming in third is Connecticut, with a repair cost of $1,712 per capita. Compared to both Rhode Island and Georgia, there are more licensed drivers in Connecticut, and the fatal accidents rate is relatively low at just 8.2 per capita.Rounding out the top five states with high accident costs are New Jersey, with $1,577 car accident costs per capita and Delaware, with a $1,518 cost per capita.Dolman’s Law looked at states in the rest of the country and found the following 10What states are also in the running for the highest car accidents cost:Having the right auto insurance is vital, especially if you ever get in an accident. Compare multiple insurance quotes for free in minutes through Credible.NEW VEHICLES ARE BECOMING MORE AFFORDABLE AS VEHICLE LOAN INTEREST RATES DECLINECalifornia District Attorney Pamela Price recently filed a lawsuit against multiple major car insurers, including Progressive and the United Services Automobile Association (USAA).The lawsuit claims the companies undervalued totaled vehicles, making it difficult for drivers to get the money they were owed through their policies. These companies allegedly used valuation software that systematically undervalued vehicles deemed totaled. The suit specifically points out that this devaluation affected senior citizens and veterans.The complaint goes against the rules that keep insurers in line with customer needs. It states that major car insurance companies "owe "duties of good faith and fair dealing to hundreds of thousands of California residents and businesses each year."Mechanic shops were also mentioned in the complaint since some of the vehicles deemed totaled by the software could have been repaired instead, taking business from the shops.If you want to make sure you’re covered in the case of an accident, Credible's partners can send you free quotes if they find you a better rate than what you’re currently paying.A TOP GOAL OF AMERICANS IS TO BUY A NEW CAR, BUILD EMERGENCY SAVINGS: STUDYRepair-related costs for vehicles are rising throughout the country. Inflation has driven the cost of everything up, car parts and labor included. Car repair costs have risen by 17% so far this year, the Federal Reserve Bank of Minneapolis reported.The Federal Reserve also cites part shortages and a tight labor market also contribute to higher-than-average repair costs.Complicated repairs that require specialized parts add to the rising cost of repairs as well. A third of repair costs are made up of repairs to advanced driver aids, Kelley Blue Book states. These aids consist of systems like blind-spot monitors and smart cruise control. They’re made of a complex network of sensors that can be costly to fix.The average cost to fix one of these systems is $1,540, AAA found. The higher the repair costs, the more a driver's car insurance could rise, so these costly repairs have contributed to record-high average premiums.Comparing multiple car insurance quotes can potentially save you hundreds of dollars per year.It’s easy to get a free quote in minutes through Credible.MANY DRIVERS ARE SPENDING OVER 30% OF THEIR MONTHLY INCOME ON AUTO LOANS, CAR INSURANCE COSTS ALSO RISINGHave a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
