Last month’s vehicle insurance prices are almost up to 20 percent from the same time last year.
Vehicle insurance prices are up for different reasons, including supply chain issues and the weather. Find out how you can save money as vehicle insurance prices are high.
According to WHAS 11, vehicle insurance prices are up for a few reasons, and Pat Schaefer of Gregory and Appel, said that one of the reasons for high vehicle insurance prices are because of repair costs. Some companies are also experiencing supply chain issues.
Schaefer added that weather also plays a big role in the rise of vehicle insurance prices. She said that natural disasters like flood, hurricane, and hail, are reasons for the hike.
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In order for you to save money from the high vehicle insurance prices, shop around your policy.
With high vehicle insurance prices, it is better to ask each company if they offer a discount for: your occupation, taking online defensive driving curse, and playing all of the premium upfront. Your employer might also offer discounts through certain companies. Make sure that your information is up to date. A change in ZIP code or a kid that is off to college could mean a change in prices.
Some companies might offer a discount for driving telematics, the information this gathers can range from speed to hard brakes. If there are two companies that have the same vehicle insurance prices, better to look up their finances on the National Association of Insurance Commissioners. You can search for the insurance company by name of their NAIC code (an identification number).
A spokesperson from the NAIC said some think twice signs to look for includes a sudden jump or drop in sales, accompanied by jumps of complaints. The complaint code will give consumer information about what consumers are complaining about. A company that has a green dot on the index line graph has a compliant index that is better than the median company’s index. However, a company that has a red dot has a complaint index worse than the median company’s index.