Will Car Insurance Costs Go Down in 2023?

By: SmartFinancial
COSTA MESA, Calif. - Nov. 15, 2022 - PRLog -- In 2022, insurance rates increased by about 9% because accidents have become more expensive for insurance companies to cover. Even if you haven't had an accident, because there is a greater chance that you may be involved in one, your rates go up too. As unfair as that may seem, it's the only way insurance companies can cover the payments to customers who file claims.

The United States Department of Transportation estimates that 9,560 people died in car crashes in the first quarter of 2022 – a 7% increase from the same quarter in 2021.

The cost of labor for newer and more technologically advanced cars is reflected in rising insurance rates as well.

Even the most astute economists have different theories on when inflation will go down and some are hopeful that they will in 2023 but car insurance prices are expected to rise 12 to 13%, keeping car insurance prices relatively high.

While there isn't much you can do about inflation, you can find competitively priced rates by comparing car insurance rates every six months. If you stay accident and citation free, you may save hundreds of dollars a year.

For more insights and information, visit https://smartfinancial.com/will-car-insurance-costs-go-down

Fran Majidi
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