As inflation eases, the expenses associated with owning a vehicle continue to rise.
New data indicates that prices for all goods increased by approximately 3% compared to last year. However, car insurance rates surged by a significant 20%.
Despite any positive developments in inflation, the topic of car insurance quickly brings about concerns. The rising premiums have been catching drivers off guard when it comes time to renew their coverage.
The expense of insuring and replacing vehicles became even higher for insurance companies due to the rise in auto thefts in certain cities.
Here are a few strategies that experts suggest for saving money:
– Qualifying for a low mileage discount by working from home
– Obtaining a better rate by bundling car and home insurance
– Reviewing your policy to potentially eliminate unnecessary coverage such as car rental insurance or towing insurance
Despite the financial challenges, experts emphasizes the importance of maintaining insurance coverage as driving without it is not only against the law but could also result in significant financial consequences.