More articles Cars that get lost, wrecked or stolen are more expensive than they are in real life, and the cost can run into the millions of dollars, according to a new report.
The average price of a lost or stolen vehicle was $1,000 in 2014, according a study released Monday by the National Highway Traffic Safety Administration.
The report estimates that the average price for a collision was $831 in 2014.
It’s a $1.3 billion increase over 2015.
While it’s not the biggest increase in recent years, the trend is worrisome for consumers.
Many insurance companies have been slashing prices for the past several years, and there is concern that that could reverse as new models arrive.
In addition to its crash figures, the report also said auto insurance rates in the U.S. increased by 3.7% in 2016.
It also reported that the median cost for a car was $6,600 in 2016, up from $5,200 in 2015.
“While the crash figures were higher than usual, we’ve seen many states report their lowest-ever car insurance rates,” John J. Clements, a senior vice president for the National Automobile Dealers Association, said in a statement.
“In most states, we’re seeing the lowest rates in over a decade.
In some states, insurance companies are dropping rates.”
According to the report, the average insurance premium for a 2017 new car was about $6 a month, compared to about $4 a month in 2015, but insurers are reporting lower costs for 2017 than in previous years.
Insurance rates were up a little bit last year, but not enough to cause a noticeable jump in prices, according the report.
“The average annual premium for new-car insurance is about $7,400,” the report said.
“Insurers are reporting they’re lowering rates in many states, and we’ll see if the trend continues in 2018.”
The National Automotive Dealers Associations association also said it expects to see more states adopt state-level regulations that allow insurers to charge consumers more for auto coverage.