Your car insurance prices are likely to keep going up. U.S. car insurance losses are expected to rise 6.7 percent this year to a record $153.6 billion, says S&P Global Market Intelligence in a new report. That's after losses rose 13 percent to $144 billion in 2016.
One in four drivers saw their insurance premiums rise in the past year, according to a JD Power survey released earlier this month. Given the industry's losses, S&P Global expects more rate increases this year.
What's driving all this? An improving economy and lower gas prices mean more cars on the road, and drivers are often distracted by smartphones and other devices. In addition, crashes are also becoming more expensive for insurers as new cars, equipped with high-tech safety gear, cost more to repair.
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