Car insurance rates are not immune to inflation

Updated: May. 23, 2022 at 7:01 AM EDT
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RICHMOND, Va. (WWBT) - Several major auto insurers, including Allstate, Progressive, Geico, and State Farm, increased rates in early 2022 in many states according to Bankrate.

Rod Griffin, a Senior Director of consumer education and advocacy with Experian says 1 in 4 Americans is increasingly worried about inflation.

”With the gas pump and the groceries and everything that we’re spending money on, it’s true for car insurance as well because the price of bumpers and vendors and cars themselves are increasing and that’s going to be passed on to us as consumers,” said Griffin.

So, how do you work to cut auto insurance costs? Griffin says don’t get in any accidents.

Next, shop around - call the insurance companies.

“Shopping around is a way to empower yourself as a consumer and start by calling your own insurance provider and saying, Hey, I’ve been a great customer. I haven’t made any claims. Can you do something about my rates?”

There’s also Experian’s Auto Insurance Comparison Tool which helps you find quotes from 40 different auto insurance providers.

You could also increase your deductible if you can afford to do that. Turning a $500 dollar deductible into a thousand dollar deductible will likely reduce your rates.

One more way to keep your car insurance costs low is - to get your credit score up.

Copyright 2022 WWBT. All rights reserved.

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