What were once luxury add ones for vehicles are increasingly becoming standard features, and while technology is making cars more comfortable and safer to drive, it is also causing an increase in insurers’ bills when paying out for accidents.

Many people may think the increase in car premiums on accidents is due to added technology distractions, such as Apple Car Play or even cell phone use, but the truth is that the more technology a car has, the more expensive they are to repair or replace.

Fender benders are no longer costing hundreds of dollars, but are into the thousands of dollars due to back up cameras and parking sensors often located in the bumpers of vehicles. Similarly, electric vehicles involved in accidents are more expensive than gas vehicles because of their complex battery systems.

Even damage from the smallest of accidents can go far beyond a crack in a bumper. Now, not only will a bumper need to be replaced, but the electronic sensors and other components located within the bumper. And while these advances in driving technology has reduced the number of accidents and claims, it has only partially offset the costs of repairs.

This is partially due to the fact that parts cost more, but is also because the technicians needed to make the repairs cost more.

In addition to an increase in accident costs, there is also an increase in car thefts due to key fobs. While a vehicle with a key fob can't be hot-wired, key fobs come with other risks. Thieves have access to technology that intercepts the signal from a key fob if it is within range, allowing the car door to be opened and the vehicle to start. This being done in parking lots as well as from owner’s driveways.

Anyone who owns a vehicle and drives on public roads in Nova Scotia must have liability insurance. At the very least, drivers must carry $500,000 of third party liability insurance, accident benefits insurance and uninsured motorist coverage. Without car insurance, drivers risk losing their savings and personal assets every time they drive.

At OTC Insurance, we work with clients to find the appropriate level of coverage to fit their needs, budget and risk level. OTC works with a wide array of auto insurers to get clients the best possible price for the coverage they desire.

Get started on the right personal auto insurance for your needs by getting a no-obligation quote: https://www.otcinsurance.ca/personal-auto-insurance.