Hi. Yeah, maybe you've noticed our premiums are sky high right now. According to the newest study from bankrate, the average cost of full coverage auto insurance has hit $2,014 *** year nationally. That's up nearly 14% from last year Where they rise most Orlando up nearly 23% to 3,078. Why? One of the reasons the chip shortage we went through cars cost more so they cost more to ensure. So how can you reduce your car insurance premium? Yeah, Jeff got to the point look for discounts. Auto insurance providers often throw out offers like if you take *** defensive driving course online or improve your credit score. There are even low mileage discount. Some companies offer you deals who drive *** lower than average number of miles per year if they carpool to work or if your teen driver is away at college and doesn't drive the family car that often. I'm gonna put *** list of these tips and more on rossen reports dot com. That's all for today. Back to you.
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Rossen Reports: Tricks to lower skyrocketing car insurance
Chief National Consumer Correspondent
Car insurance premiums are going up. According to the newest study from Bankrate, the average cost of full-coverage auto insurance has hit $2,014 a year nationally. That’s up nearly 14% from last year. Premiums rose the most in Orlando, Florida, going up nearly 23% to $3,078. Also, in Phoenix, Arizona, the premiums are up about 17%, with costs at $2,164. Nationally, drivers spend nearly 3% of their annual income insuring their cars on average. Why are premiums on the rise? There are a few reasons from part shortages to the lagging effect of high inflation over the last couple of years. Hopefully, as that cools down, so will our insurance costs.How can you reduce your car insurance premium? Here are a few ways:Look for discountsAuto insurance providers often throw out offers, like if you improve your credit score. There are even low mileage discounts.Some companies offer deals to motorists who drive a lower-than-average number of miles per year, if they carpool to work, or even if your teen driver is away at college and doesn’t drive the family car often. Some insurers will even offer a discount by going paperless, paying online, doing automated payments, etc.Shop for lower ratesDifferent companies have different rates and they can change from time to time. Find the company that has packages that best work for you and your family. Always get three quotes to compare.The best to shop for a new quote is every six to 12 months when you know your policy is about to renew.Reduce your coverageYou can lower your policy limits or drop unnecessary coverage. If your old car isn't worth a lot, you might consider lowering your comprehensive and collision coverage.Take a courseSome insurers offer deals and discounts if you participate in a course like safe driving, defensive driving, accident prevention, etc.Increase your deductibleThis all depends on your situation and which provider you're with but paying a higher deductible is an easy way you can make your payments less expensive.This means the amount you're paying out of pocket before your insurance coverage kicks in will be more. Just make sure you have enough in your savings set aside to cover your deductibles.
Car insurance premiums are going up. According to the newest study from Bankrate, the average cost of full-coverage auto insurance has hit $2,014 a year nationally. That’s up nearly 14% from last year.
Premiums rose the most in Orlando, Florida, going up nearly 23% to $3,078. Also, in Phoenix, Arizona, the premiums are up about 17%, with costs at $2,164.
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Nationally, drivers spend nearly 3% of their annual income insuring their cars on average. Why are premiums on the rise? There are a few reasons from part shortages to the lagging effect of high inflation over the last couple of years. Hopefully, as that cools down, so will our insurance costs.
How can you reduce your car insurance premium? Here are a few ways:
Look for discounts
Auto insurance providers often throw out offers, like if you improve your credit score. There are even low mileage discounts.
Some companies offer deals to motorists who drive a lower-than-average number of miles per year, if they carpool to work, or even if your teen driver is away at college and doesn’t drive the family car often. Some insurers will even offer a discount by going paperless, paying online, doing automated payments, etc.
Shop for lower rates
Different companies have different rates and they can change from time to time. Find the company that has packages that best work for you and your family. Always get three quotes to compare.
The best to shop for a new quote is every six to 12 months when you know your policy is about to renew.
Reduce your coverage
You can lower your policy limits or drop unnecessary coverage. If your old car isn't worth a lot, you might consider lowering your comprehensive and collision coverage.
Take a course
Some insurers offer deals and discounts if you participate in a course like safe driving, defensive driving, accident prevention, etc.
Increase your deductible
This all depends on your situation and which provider you're with but paying a higher deductible is an easy way you can make your payments less expensive.
This means the amount you're paying out of pocket before your insurance coverage kicks in will be more. Just make sure you have enough in your savings set aside to cover your deductibles.
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