Small Steps can Prevent Huge Rate Increases.

Three tips to help mitigate skyrocketing auto insurance rates:

Inflation, extreme weather, and supply chain issues have culminated in the perfect storm for car owners, causing auto insurance rates to skyrocket. In fact, the U.S Bureau of Labor Statistics has reported a 20.6% increase in cost of motor vehicle insurance over the past year.

Your licensed insurance agent may not be able to jump start the economy or promise you blue skies and sunshine, but he or she may be able to review your policy and make adjustments to save you a little of your hard-earned money.

Below, are a few tips to help you secure the best auto insurance rate:

1. Know what discounts you may be eligible for. Student drivers may be eligible for good-grade discounts, while their parents may be able to lock into cheaper auto rates as reward for a safe driving record (typically at least one year without an accident claim) or a high credit score. Low-mileage discounts may also be available for people who work from home or within 5-10 miles of their workplace, which translates to less time behind the wheel.

2. Consider “bundling.” Your insurance provider may offer a better auto rate if they also insure your home, apartment, or business – one of many considerations your insurance agent should consider each time your policy renews.

3. Shop your insurance and be open to changing providers. The process of researching and comparing insurance providers to save a little money may sound daunting and tedious, but fortunately, there are people who will do the shopping for you…for free. At AutoRate.com, all you have to do is follow a few simple prompts about your current insurance coverage and policy. Our Quality Shoppers will instantly compare up to five comparable policies and will show you rates for each. So, you can either be confident that your insurance is the best rate and coverage in the marketplace, or you can switch to a policy that is.

Many factors determine your auto insurance rate – where you live, what (and how much) you drive, how old you are, how safe a driver you are, your gender (women are statistically less likely to incur DWIs or get speeding tickets) and more. While the average driver is not able or willing to change most of these factors, exploring provider discounts and “shopping” your car insurance are easy steps anyone can take to potentially save money on car insurance. Today more than ever, even a little savings can go a long way.

Have questions about rising car insurance rates? The experts at AutoRate.com are here to help you find the coverage that’s best for you.

By: Nancy Hallahan