How Much Does Car Insurance Cost?
by Admin
Posted on 19-11-2022 07:59 PM
Auto
insurance
premiums are based in part on the car’s price, the cost to repair it, its overall safety record and the likelihood of theft.
Many insurers offer discounts for features that reduce the risk of car theft or personal injuries, or for cars that are known to be safe. When you're comparing new or used vehicles to purchase, also research what each will cost to insure. To start, you can check safety rankings for specific models with the insurance institute for highway safety’s (iihs) online top safety pick ratings tool.
While many people first consider sticker price and the price of gas when it comes to the cost of owning a car , car insurance rates matter too. And depending on your circumstances, it might be a larger cost than you were expecting, especially as rates continue to increase. While there is a long list of car insurance providers you can choose from to save money on car insurance, you can also do other things to help make your car insurance more affordable.
The simplest way to save on car insurance premiums is to compare quotes from multiple providers. You can also ask your current provider about discounts you might be eligible for, and bundle policies if possible. Raising your deductible is another good way to bring your premiums down, but you need to make sure you can pay higher out-of-pocket costs before doing so.
This story is part of recession help desk, cnet's coverage of how to make smart money moves in an uncertain economy. Car insurance is getting more expensive. The cost of car insurance has continued to climb throughout 2022, and increased another 1. 3% in july, according to the consumer price index , a key indicator of inflation. Inflation aside, car insurance was already rising as of last year. Many major car insurers started receiving approval for substantial rate increases at the close of 2021, raising premiums anywhere from 3% to 12%, according to s&p global market intelligence. To top it off, gas prices have also hit record highs this year, making driving more expensive overall.
How to Save on Car Insurance Costs
Many households with more than one vehicle maintain separate insurance policies for each, but they may be missing out on a multi-car discount of up to 25% on most coverages.
Move all your vehicles to geico and see how much more you could save. Depending on the state you live in, you could be eligible for a multi-
policy
/multi-line discount if you buy more than one type of coverage through the same insurer. Pairing auto and homeowners insurance is the most common scenario, but pairing auto insurance with renters , condo , or mobile home insurance could yield similar results. Get a fast, free quote on geico.
Reading time: 3 minutes when you first took out your auto insurance policy, you probably evaluated your needs, shopped around for the best rate and checked your eligibility for discounts. But have you done any of that since? it’s a worthwhile exercise to reevaluate your insurance policy as your car ages and your driving record and habits change. Information becomes outdated, deals and discounts change and your coverage needs shift. Here are seven ways you might be able to save money on your car insurance policy: 1. Reevaluate your existing coverage. Make sure you’re not paying for more auto insurance than you need.
There are higher rates of vandalism, theft, and car accidents for city drivers than for drivers that live in rural areas or small towns. Because of this, city drivers pay more for car insurance. Living in a rural area or a small town where there is less crime and fewer car accidents will save you money on car insurance. If you are a city dweller, you can lower your car insurance by parking your car in a secure location such as a garage or by equipping your vehicle with anti-theft features.
Although auto insurers use similar factors like age, driving history and location to calculate your car insurance costs, they weigh these factors differently. That’s why it’s important to compare rates. To analyze the importance of shopping around, nerdwallet compared rates for 35-year-old drivers buying full coverage insurance. We found that costs vary by hundreds of dollars a year. In fact, good drivers with good credit can save more than $150 a month, on average, by switching from the most to the least expensive insurer in their state. And savings can be even bigger for drivers with a recent at-fault accident or poor credit — almost $250 and $400 a month on average, respectively.
2. Pay Attention on the Road
We’re big believers in controlling the controllables, and this is one you can definitely control. If you drive like an idiot, you’re going to pay more for insurance. (you should pay more because you’re creating unnecessary risks for yourself and others on the road. )so if you want to know how to lower your car insurance, you can start by looking in the mirror. Like our friend dave says, “if you’re part of the problem, you can be the solution!” follow the rules of the road and pay attention to what’s going on around you. As you cut down on the number of traffic violations you make, you’ll cut down your car insurance costs too.