What To Do About Car Insurance Rate Increases

By: SmartFinancial
NEWPORT BEACH, Calif. - Jan. 30, 2024 - PRLog -- Everyone is asking why car insurance rates have increased and how they can lower their monthly costs. Insurance prices have increased due to some factors that drivers can control and others they cannot. Inflation, war, parts shortages and severe storm

Key Takeaways:

*Car insurance rates went up almost 19% but there are still ways to save on premiums.
*You will see a higher car insurance rate if you have a lapse in coverage.
*Compare car insurance rates to see whose rate increases are the lowest.

Here are 3 out of 15 things you can do to lower your car insurance premiums:

Shop Around To Get the Best Rate
After you get your existing rate as low as it can go, it's time to compare car insurance rates for free. The chore doesn't have to take up hours of your time either. See if other carriers are willing to offer a rate that beats your current one. Make sure you're comparing comparable coverages though. For instance, if you have collision and comprehensive on top of state minimum-required coverage, make sure you're comparing the same package.

Increase the Deductible on Collision and Comprehensive
When you increase the deductible, you'll lower your monthly premiums, but doing so means that you are responsible for more of the loss if your car is damaged, totaled or stolen. The deductible is always subtracted from your claim payout. You choose the deductible amount when you buy coverage. A higher deductible will make your monthly payments drop substantially, and if you're not the type of person who likes to file claims, this is the best option for you to save money.

Try Telematics
If you drive safely without hard breaks and without speeding, you may enjoy lower rates by using a telematics program that tracks your driving habits. Many car insurers offer these types of programs to encourage safer driving. However, your rate may increase if you do not drive safely, and if you drive during peak hours.

For the full article visit https://smartfinancial.com/car-insurance-rate-increases

Fran Majidi
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Tags:Car Insurance Increase
Location:Newport Beach - California - United States
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