Consider this a friendly heads-up: Your car insurance bill is about to go up.
Well, that’s not fairyou’re thinking. What can I do about it?
We’ve got a dozen ideas for what you can do about it.
Rising Car Insurance Prices
We just saw two separate reports forecasting that 2023 will bring a noticeable jump in car insurance prices:
- Rates are expected to increase by 8.4% across the US this year — the biggest jump in six years — according to a study from financial data website ValuePenguin. It puts the average cost of full coverage car insurance at $1,780 per year.
- Meanwhile, the virtual insurance agency Insurify is predicting that rates will rise by 7% in 2023. It puts the average cost of car insurance at $1,777.
Why? A number of reasons, namely inflation and a nationwide increase in fatal auto accidents.
12 Simple Ways to Lower Your Car Insurance Bill
I recently had the “pleasure” of signing up for a new car insurance policy. While I shopped around for a policy that didn’t break my budget — but still offered insurance coverage that thoroughly protected my car, me and other motorists — I researched some tips to help save money.
And no, I’m not going to suggest anything that requires a drastic life change. Sure, buying a new type of car with high safety ratings, moving to Maine, maintaining a clean driving record or never driving again will all help. But that’s not realistic for most of us.
Here you’ll find the simplest, most practical ways to lower your auto insurance premiums:
1. Shop Around for the Best Rates
Comparing rates sounds like a given, but here’s the thing: Too many people stick with the same auto insurance company and same insurance agent because that’s easy. There’s something to be said for brand loyalty, but it’s also important to shop.
Why? Car insurance companies use different algorithms to determine costs. Additionally, many offer first-year deals to new customers.
The easiest way to…