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Home > Blog > Vehicle prices may be dropping this year but your auto insurance cost may keep going up.
THURSDAY, MARCH 23, 2023

Vehicle prices may be dropping this year but your auto insurance cost may keep going up.

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The automotive industry has been hit hard by the COVID-19 pandemic. With supply chain disruptions and a decrease in consumer demand, dealerships are finding themselves with an excess of inventory, leading to a decrease in vehicle prices. However, for those looking to save money on car expenses, there is a potential downside: auto insurance costs may not decrease at the same rate as vehicle prices. In fact, there are several factors contributing to an increase in auto insurance costs, despite the expected drop in vehicle prices.
 
One of the main reasons why auto insurance costs may not decrease is the increased costs for auto insurance companies. For one, the cost of repairing vehicles is on the rise. This is due in part to the increased complexity of modern vehicles, which require more specialized equipment and expertise to repair. Additionally, the cost of medical care is also increasing, which has led to an increase in the cost of bodily injury claims. This is particularly true in the United States, where healthcare costs are notoriously high.
 
Insured drivers are also facing increased costs that are passed on to auto insurance companies. One of the main factors contributing to this is the increase in distracted driving. With the rise of smartphones and other mobile devices, drivers are more likely to be distracted behind the wheel. This has led to an increase in the number of accidents, which has in turn led to an increase in insurance claims. Additionally, the cost of car repairs is also on the rise, which has led to an increase in insurance claims for vehicle damage.
 
Natural disasters such as hurricanes, floods, and wildfires can also have a significant impact on auto insurance costs. These events can cause significant damage to vehicles, which leads to an increase in insurance claims. Unfortunately, the frequency and severity of natural disasters are also on the rise, which means that auto insurance companies are facing increased costs for these types of claims.
 
Finally, the COVID-19 pandemic has had an impact on auto insurance costs as well. With many people working from home, there has been a decrease in the number of cars on the road. While this has led to a decrease in the number of accidents, it has also led to an increase in the number of uninsured drivers. Additionally, the pandemic has also led to an increase in the cost of medical care, which has contributed to an increase in the cost of bodily injury claims.

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So, what can drivers do to keep auto insurance costs down? Here are some tips:
 
  • Shop Around for Insurance
One of the best ways to keep auto insurance costs down is to shop around for insurance. Different insurance companies offer different rates, so it’s important to compare quotes from multiple companies to find the best deal. Be sure to compare not just the price, but also the coverage and customer service.
 
  • Maintain a Good Driving Record
Maintaining a good driving record is another way to keep auto insurance costs down. Drivers with a history of accidents or traffic violations are considered higher risk and are charged higher premiums. By driving safely and following traffic laws, drivers can avoid accidents and keep their insurance rates low.
  • Choose a Safe Car
The type of car you drive can also have an impact on your insurance rates. Cars that are considered safer, such as those with advanced safety features and good crash test ratings, are typically cheaper to insure. On the other hand, cars with higher horsepower or that are more expensive to repair or replace are considered higher risk and will cost more to insure.
  • Increase Your Deductible
Increasing your deductible is another way to lower your auto insurance premiums. A deductible is the amount you pay out of pocket before your insurance kicks in. By increasing your deductible, you can lower your monthly premiums, but be sure to choose a deductible that you can afford to pay in the event of an accident.

Posted 11:51 AM

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