Jared Seyl Farmer Insurance Explains Why the Cost of Auto Insurance is Rising Due to Uninsured Motorists

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According to Jared Seyl Farmers Insurance district manager in Colorado, auto insurance costs are on the rise in the Centennial State as a result of uninsured motorists, and ths is impacting even the best drivers in the state.

According to Seyl, who hails from Denver, although many motorists are being safe by obtaining care insurance, they may notice their auto policy costs rising due to other drivers’ failure to be insured. The rate of uninsured motorists continues to increase not only in Colorado but also nationwide, and this has become a massive expense for insurance companies.

Based on a recent Insurance Research Council study, 13% of motorists in the United States were not insured in 2015, a jump from 12.3% back in 2010. Unfortunately, when uninsured drivers are to blame for accidents, insured drivers and/or their insurance providers are the ones who must cover the health care and physical damage costs resulting from these accidents. In the same way, a driver who is underinsured might not have an adequate amount of coverage to cover damage costs. Simply put, uninsured and underinsured drivers pose significant risks to drivers who are insured, Seyl said.

According to Seyl, although 49 states make care insurance a requirement, some motorists continue to drive with no auto coverage. However, research shows that the average uninsured motorist claim’s cost is around $20,000. This excludes the physical damage done to the car involved in the accident related to the claim.  In light of this, Farmers Insurance continues to emphasize the importance of obtaining car insurance. As a general rule of thumb, it is wise for drivers to have motorist coverage that is equivalent to their bodily injury coverage.

Seyl said he is calling attention to the problem of uninsured drivers now because if more drivers were to become insured, insurance rates at Farmers Insurance and other agencies would essentially drop for everyone across the board.

Farmers Insurance remains one of the biggest names in the insurance industry for a number of reasons. For starters, the insurer offers over 50 financial service products and insurance products designed with the goal of meeting its various customers’ needs. On top of this, Farmers Insurance has assisted many people in creating their own insurance companies and thus fulfilling their entrepreneurial dreams. The company takes pride in offering training through its one-of-a-kind University of Farmers, which has garnered accolades for its first-rate corporate training. 

Farmers Insurance has also made an effort to boost local communities by sponsoring nonprofit programs as well as charities. In addition, it provides bilingual bonuses as part of its efforts to draw top talent. The insurer furthermore offers a highly recognized veterans transition program.

Launched in 1928, Farmers Insurance offers multiple types of insurance coverage, ranging from home to auto, business, and life insurance coverage, as well as financial products. This company meets the needs of over 10 million families and produces $19 billion each year through its premiums. It remains among the top brands in the world.