Why are car insurance rates going up?

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SAN FRANCISCO (CBS) Cars are safer than ever, but auto insurance rates are on the rise. One reason -- more cars are on the road and that's leading to more accidents. Also technology in today's vehicles is making them more expensive to fix.

From rear view cameras and high tech monitors to computers that respond to commands. Cars now come with more technology than ever before, and it turns out that's helping to drive up insurance rates.

"Fixing the cars with all the new technology can be more expensive," said Janet Ruiz with the Insurance Information Institute. She acknowledges car insurance rates are on the rise -- nationwide they climbed nearly eight percent last year, almost twice the increase in a typical year. "I have seen rates go up... I just recently got my car insurance rates increased by ten percent."

The reason? well, cars are getting more expensive to fix. And thanks to rising health care costs, so are people injured in accidents. But the primary reason rates are on the rise according to III. "We have more cars on the road, so when we have more cars on the road we have more accidents," Ruiz said.

According to the most recent industry figures insurers paid out $7.5 billion more in 2014 than they made from premiums -- thanks to more accidents, health care costs and high-tech cars. "Insurers are raising rates so they have the right amount of money to pay claims at the end of the day."

With rates on the rise you can ask your insurer to check for additional discounts like good driver or low mileage. You may also save money if you've had a life change like getting married or having a child.
And you can often save on insurance if you bundle it with your homeowners insurance.