Experts: Check your car insurance because prices could start to go up
RICHMOND, Va. (WWBT) - The pandemic has changed our driving habits - maybe you are still working from home or you’ve started going into the office more. Experts say now is a good time to take another look at how much you are spending on car insurance.
Ben Moore, an Insurance Specialist with NerdWallet, says shop around because prices could change.
“Auto insurance prices are likely going to rise. Auto insurance companies were providing discounts for customers during the pandemic because they were driving less, but because people are driving more and it was such a rough year in 2020, auto insurance rates are expected to rise,” Moore said.
There are so many factors that go into a rate quote. Location is a big one, like living in a city versus living in less populated areas. Credit history is another factor that could affect your rate. Rates also vary from state to state because of regulations.
If you’ve recently let your insurance lapse, meaning you’ve gone without insurance for a certain amount of time, that could also mean you pay more.
“Even if you don’t own a car, you might be labeled a high-risk driver, which is also going to affect your rate,” Moore said. “How much you drive, how far you drive, even what type of car you drive goes into the algorithm that determines how much you pay.”
So, it’s a good idea to see what all the major players will offer you.
Don’t forget to check in on those smaller, lesser-known insurance companies. You might find a deal there.
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