Archives June 2022

Can I Change My Auto Insurance At Any Time?

InvestigateTV – Auto insurance rates are not immune to inflation, as experts are predicting the price will rise for many in 2022.

Several major auto insurers, including Allstate, Progressive, Geico and State Farm, already increased rates in early 2022 in many states, according to Bankrate.

Rod Griffin, a senior director of consumer education and advocacy with Experian, says 1 in 4 Americans is increasing worried about inflation.

“With the gas pump and the groceries and everything that we’re spending money on, it’s true for car insurance as well because the price of bumpers and vendors and cars themselves are increasing and that’s going to be passed on to us as consumers.”

So how do you work to cut auto insurance costs? Griffin has two suggestions: don’t get in any accidents and shop around.

You can ask your insurance company directly for available discounts for things like bundling auto and home

The inflation that is making life difficult for consumers is also impacting car insurance companies. Across the nation, auto insurers are filing rate changes, many of which are rate increases. According to data from S&P Global Market Intelligence, the average rate increase in filing is about 4.9 percent. This means that, with the average cost of car insurance at $1,771 per year for full coverage, consumers could soon pay as much as $1,858 annually for the same coverage. To help you prepare for the coming increases, Bankrate dug deep into the data to find out which states are the most and least impacted by rate increases.

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