How to lower your car insurance costs as they continue to rise | 7 On Your Side

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Tuesday, February 27, 2024
How to lower your car insurance costs as they continue to rise
Nina Pineda has more.

NEW YORK (WABC) -- So many things are costing consumers more these days including car insurance, which had its biggest jump in 40 years.

Talk about sticker shock! The cost to insure went from zero to 60 since December.

The national average is $2,543, we are paying $529 each. It's a 26% jump.

The U.S. Bureau of Labor statistics say that the increase is more than the prices for beef, and eggs, and it's at eight times the inflation rate.

So why is this happening?

Some of the factors are because many repair costs went up, the price of parts, and a shortage of labor.

Also, apparently, after the pandemic, drivers got in more accidents and more serious accidents involving litigation.

So, insurance companies said they had a high rate of millions and millions in hefty claims.

The bad news for New Yorkers is the cost to drive insured in the Empire State is more than $1,000 more than everywhere else. It's $3,848 on average. Our cost has more than doubled according to Bankrate at 52 %.

Nina Pineda has the story.

There are a few things you can do. Call your provider and request a policy review.

Shop around.

You could increase your deductible and decrease any non-essential coverage.

You always need liability because that's required by law, but if you have an older car that's not worth a lot you may not need a lot in comprehensive, which covers you if a tree hits your car, or your car gets vandalized or stolen.

Nina Pineda has the story.

There are several comparison sites where you get quotes for policies like The Zebra, EverQuote, Experian, and Policygenius. They can give you a quick look at premiums for our area.

It is interesting that Experian, the credit score company, is in this game because credit score, is a great way to assess risk behind the wheel.

You can knock some money off your bill by opting for automatic, payment in full, biannually, or even paperless payments.

Then make sure you ask if any discounts apply to you like being a good student, or a good driver, you can take a defensive driving class and military.

Plus telematics, that is where you sign on for monitoring usage to see how you drive, speed, mileage, braking all those factors that assess how good or bad you are behind the wheel.

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Nina Pineda has the story.



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