Insurers are raising auto insurance premiums to help cope with post-pandemic changes in driving habits, supply chain issues and widespread inflation. So if you’ve noticed that your insurance rates are rising, you aren’t alone.
Auto insurance premiums are highly personalized and set by insurers using proprietary algorithms. Insurers base your premiums on numerous factors, including information about you, your policy and your vehicle.
Is It Possible to Reduce Auto Insurance Premiums?
You may be able to reduce your auto insurance premiums depending on your driving record, the value of the vehicle you want to insure and the amount of auto insurance you need. Your agent may be able to help you lower your current auto insurance costs in numerous ways, such as the following:
- Bundling auto and home insurance may give you a discount on your auto and homeowners policies.
- Discounts provided by insurers for having multiple vehicles insured with the same company or completing a driver’s education course may help reduce your premiums. High school and college students may also be eligible for discounts based on their grades.
- Dropping unnecessary coverage on older vehicles can help reduce your premiums. Collision and comprehensive coverage are optional if you don’t have a loan or lease on the vehicle and if the car’s value does not warrant the coverage.
- Increasing your deductible on a full-coverage auto insurance policy can help lower your auto insurance premiums. In general, insurers provide multiple premium options between $250 and $1,000.
- Shopping around for the best auto insurance rates is essential. This could mean lower insurance premiums, especially if you’ve had the same insurance for a few years.
Choosing an Auto Insurance Company
Most people don’t worry about their insurance company’s financial stability or customer service reputation until it’s time to make a claim. Fortunately, you can rely on your agent to help you get great auto insurance rates without sacrificing coverage, timely claims payments or excellent customer service.
How to Get the Best Auto Insurance Rates
Now is a great time to shop around for the best price on auto insurance coverage. Your agent can help you get multiple quotes from reputable insurers to help ensure you get the lowest possible auto insurance rates.
Contact InsurePro, servicing Abingdon, Pennington Gap, Clintwood, Honaker, Weber City and Norton, Virginia, to get an auto insurance quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.