Watching Your Wallet: How to put the brakes on rising car insurance costs

Inflation impacting auto insurance rates
Published: Jun. 9, 2022 at 12:27 PM MDT
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InvestigateTV - Auto insurance rates are not immune to inflation, as experts are predicting the price will rise for many in 2022.

Several major auto insurers, including Allstate, Progressive, Geico and State Farm, already increased rates in early 2022 in many states, according to Bankrate.

Rod Griffin, a senior director of consumer education and advocacy with Experian, says 1 in 4 Americans is increasingly worried about inflation.

”With the gas pump and the groceries and everything that we’re spending money on, it’s true for car insurance as well because the price of bumpers and vendors and cars themselves are increasing and that’s going to be passed on to us as consumers.”

So how do you work to cut auto insurance costs? Griffin has two suggestions: don’t get in any accidents and shop around.

You can ask your insurance company directly for available discounts for things like bundling auto and home or customer loyalty. There are also tools like Experian’s auto insurance comparison tool, which helps you find quotes from 40 different auto insurance providers.

Improving your credit score could also lead to lower costs.

Finally, another option would be to increase your deductible if you can afford it. Moving your $500 dollar deductible to a $1,000 deductible will likely reduce your rates.

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