And what is being done about it?

The following article is written and provided by William Frost, President of MedInsure Group, LLC. Property and Casualty related services are provided by MedInsure Group, LLC, an affiliate of Larson Financial Group, LLC.

This is a common question we get. A rate increase can feel somewhat arbitrary and unjustified – especially when you haven’t had a claim or been in an accident. We are here to help demystify rate increases and help you understand what we, at MedInsure Group, are doing to keep your rates as low as possible.

A few things to keep in mind:

Rate increases aren’t unique to certain customers, geographic areas or companies

Premium increases are impacting clients across the country. Overall, insurance companies have experienced high losses two years in a row. In fact, the nation’s largest insurance company lost almost 7 billion dollars on their auto insurance in 2016.

2017 was a tough year

With hurricanes in Texas and Florida, Wildfires in California and some hail across the country, 2017 was one of the top three most costly years for the insurance industry. It even surpassed 2001 and 2005 with 9/11 and Katrina respectively.

More accidents that are more expensive.

The number of accidents is increasing as a direct result of distracted driving. And today’s new vehicles are expensive to fix. 10 years ago, a fender bender might result in some scratched paint and the need for a new bumper. Now a fender bender can turn into a $10,000 claim because of the need to replace expensive electronics like state-of-the-art cameras and sensors.

What we are doing about it:

Keeping track and comparing across industry

We keep track of premium changes on each policy and compare across carriers over time. When we see a carrier’s rates growing out of line with  the industry, we re-shop the coverage through multiple top-tier companies.

Helping ensure your needs and coverage match

We are reaching out more frequently to ensure we understand your evolving needs and then we shop out your needs to maximize your insurance dollar. We aren’t dedicated to one insurance carrier – we find the policy that we have available that is best for you and your unique situation.

Advocating on your behalf

We have a claims advocate on staff to help you navigate the process when things are not going well so you have someone looking out for you and your interests.

Contact us today and let us help you find the best insurance for your needs.
We are here to support you, offer advice and be your insurance consultant. Whether it be auto and home, or business liability and medical malpractice, we are a coverage focused agency who works to understand your needs first, and then we shop out your needs to maximize your insurance dollar.

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  • “State Farm Lost $7 Billion on Auto in 2016.” Insurance Journal, 01 March 2017,
  • “Natural disasters made 2017 a year of record insurance losses.” The Economist, 11 Jan 2018,


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