Can You Put the Brakes on Rising Auto Insurance Premiums?

When your auto insurance policy renews, chances are that your premium will be going up, possibly by a lot.

Rates vary by state and location, but nationwide, premiums increased more than 18% between July 2023 and July 2024.

This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing some steps that may help reduce auto insurance premiums:

Higher vehicle prices and repair costs (including parts and labor), more accidents, a rising number of fraud cases and lawsuits, and severe weather events have affected the bottom line of insurers, leading to across-the-board rate hikes. That’s not good news for your wallet, but there are still steps you can take to help make your premiums more affordable.

Review Your Coverage

A good time to review your auto policy is before it renews, but you can make coverage changes or shop for new insurance at any point. Auto insurance rates vary greatly from company to company, so shop around.

While price is important, you’ll also want to select a financially sound company that offers great customer service. If you’re happy with your current insurer, call the company or your agent to explore…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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