Gephardt busts inflation: Auto insurance premiums are rising; here’s how you can still save money
Mar 18, 2022, 12:48 PM | Updated: Jun 19, 2022, 9:54 pm
SALT LAKE CITY — Inflation just doesn’t impact the physical goods Utahns buy in stores. It is also having an impact on less tangible but no less important things like savings accounts, investments and auto insurance. In fact, data shared with the KSL Investigators shows we are paying more to insure our cars — but here are some ways that will help us pay less.
“Less tangible things are also increasing,” said Rod Griffin, senior consumer educator at Experian, one of the nation’s major three credit bureaus.
Griffin said it makes sense why insurance premiums are going up with everything else such food, clothes and gas for your car.
“The cost of repairs, if you think about if you wreck your car, the parts to repair are going to be more expensive,” explained Griffin. “That’s going to increase cost to insurance company. So, your rates will likely go up.”
(KSL TV)
So, how can you “bust” those increases?
“It’s really important that you check the rates you’re paying and make sure you’ve got the best terms and best rates for auto insurance,” Griffin said.
As we have reported previously, a slew of things can get you insurance discounts — things you might not expect.
Data shared with the KSL Investigators from Insurance.com shows that being married can earn you an average discount of 8%. Your choice of profession can earn you a 12% discount. Owning a home can save you 7%. Good grades can lower your insurance by 16%. And even signing insurance documents electronically instead of the old-fashioned handwritten way translates to an average 9% drop in premiums for policyholders.
The largest auto discounts do tend to be in the driver’s control. Safe drivers pay, on average, 27% less. Those who have no accidents will save an average of 26% on their premium and bundling your car with your home insurance earns you a 14% discount.
So, this inflation buster is relatively easy: talk to your agent and make sure you’re getting all discounts available to you. Also, compare auto policies and consider switching to a different insurance carrier.
