The insurance industry said it’s losing money, but consumer advocates disagree
Passmore said the cost of repairing cars is up 20 percent. And higher-than-normal used car prices have driven up replacement values.
“We have a hard time believing that that can explain double-digit rate increases. The insurance companies have a profit motive constantly to raise rates, limit the amount of claims they pay, and seek higher rates from the insurance commissioner," said Rosenfield. “I think the insurance companies are taking advantage and trying to put pressure on the insurance commissioner to approve rates that are unjustified.” said Rosenfield.
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