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Auto premiums have increased more than 22% this year. Rates are
up more than 50% since January 2021, according to Bankrate.com.
Michael DeLong, research and advocacy associate for the Consumer
Federation of America, said it’s important to compare prices.
“Shop around using multiple options. Like it’s well worth your
time to go online, punch your information into some websites and
try and get some quotes,” DeLong said.
In addition to websites, licensed agents can provide additional
quotes and guidance.
“If you have a good agent, they can be very helpful. They may
know about certain local options that aren’t as widely known.
They may be able to find deals specifically tailored to your
circumstances,” DeLong said.
Full-coverage auto insurance now costs, on average, more than
$2,300 per year, according to Bankrate.com.
DeLong said insurance companies consider credit scores when
setting rates.
“We actually found in Illinois that drivers, if you have a
perfect driving record but poor credit, you can pay twice as
much for auto insurance compared with drivers who have a perfect
driving record and excellent credit,” DeLong said.
DeLong added that it’s important to communicate with your
insurance provider.
“Make sure that your insurance company knows how much you drive.
If, say for instance, you’re driving less because you’re working
from home or your job is like now closer to your home, make sure
they know that and they may reduce your rates,” DeLong said.
DeLong also recommended looking for discounts.
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