Just as gas prices are going up, you may start seeing something similar happening with your car insurance when you renew.
“The cost goes up for the automobile. The cost for the parts goes up, and so, insurance rates are going to reflect that. We’re going to have to pay more potentially as time goes on,” said Rod Griffin, senior director of consumer education at Experian.
Experian said reports indicate “insurers may hike premiums from 6% to upwards of 10% this year.”
Making and repairing vehicles has become more expensive, and so has buying them.
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The worker shortage has also meant higher repair costs and even higher costs for replacement parts.
“Rates are going up everywhere and as always it depends on where you live. Rates tend to be higher in cities,” Griffin said. “Rates tend to be higher for younger people. If you have children, like I did, it’s painful when you insure your children because of their risk factors.”
Experian offers several tips to bring the cost down, including comparing quotes and shopping around, reducing overage or increasing your deductible and joining a safe driver tracking program.
