How To Beat Insurance Rate Hikes
How To Beat Insurance Rate Hikes
Insurance companies across the country are raising rates -here’s what you can do about it.
Prices Are Going Up For Cars
Used car prices are through the roof – up almost 29% since November 2019*. This means a car that would’ve cost $10,000 in 2019 now sells for almost $13,000!
Why? Automakers can’t build enough cars to meet demand. That means that more people are buying used cars than ever before. This increased demand is causing prices to go up (like crazy) on all cars, and the parts and service needed to keep them running or fix them after accidents.
Prices Are Going Up For Car Insurance
With global supply chains backed up around the world, spare parts are harder to come by. These delays run up costs for shops that have vehicles waiting for repair, and for drivers who need rental cars while they wait. The rising prices for auto parts and service mean it’ll cost more to get damaged cars back on the road. As a result, lots of the top insurers are raising their rates. They’ll have to pay more to repair or replace the cars they insure, and those prices get passed on to customers.
How To Avoid Rising Rates
Lock In Your Rate Now
Paying your insurance premium for a whole year may require more money up front, but you could save yourself in the long term.
First, insurers tend to charge better prices with fewer fees if you pay for a year, or even 6 months, in a single transaction – this is sometimes called a ‘Paid In Full Discount’
The other benefit of paying in advance is protecting yourself from rising rates. Once you pay for a year’s worth of coverage, your rate is locked for the year, and the insurer can’t raise it-unless you make a change like adding a vehicle, driver, or move to a new address.
Shop Around
If you haven’t compared other insurance rates lately, now’s the perfect time. At Acceptance Insurance we shop for you – so with one call or visit you can get prices from multiple carriers – and a friendly expert to help explain the differences between them all.
Start by talking to a friendly local acceptance agent – Click here to find the location nearest you. Don’t like the phone? We’ve got live chat Monday-Saturday
