InvestigateTV – Auto insurance rates aren’t immune to inflation as experts predict the price will rise for many in 2022.
Several major auto insurers, including Allstate, Progressive, Geico and State Farm, have already raised rates in early 2022 in many states, according to Bankrate.
Rod Griffin, senior director of education and consumer advocacy at Experian, said one in four Americans are increasingly worried about inflation.
“Along with the gas pump, groceries and everything else we spend money on, that’s also true for car insurance, as the price of bumpers, salespeople and the cars themselves go up. and that’s going to be passed on to us as consumers.”
So how do you work to reduce car insurance costs? Griffin has two suggestions: don’t crash and shop around.
You can ask your insurance company directly about available discounts for things like auto and home bundling or customer retention. There are also tools like Experian’s car insurance comparison tool, which helps you find quotes from 40 different car 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 deductible from $500 to a deductible of $1,000 will likely lower your rates.
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