A recent article by WCCO revealed the cost of car insurance has surged by 20% over the past year, outpacing the general inflation rate of 3%. Key factors contributing to this rise include increased prices for auto parts, labor, and medical expenses, all of which have been exacerbated by the recent inflationary period. Additionally, a spike in auto thefts has further strained insurers, leading to higher premiums. To mitigate costs, consumers are advised to seek low mileage discounts, bundle insurance policies, and reassess their coverage options.
Saving Tips for Consumers:
- Low Mileage Discount: If you work from home, inquire about a low mileage discount.
- Bundle Policies: Combining car and home insurance can reduce costs.
- Review Coverage: Evaluate your policy to drop non-essential coverages like rental or towing insurance.
Get in touch with your Alloy agent for a free quote and to see where you can potentially save on your auto insurance!