CORPUS CHRISTI, Texas — At the start of the COVID-19 pandemic in 2020, many of us were pleasantly surprised when car-insurance companies began issuing refunds on premiums.
More people staying home meant fewer claims.
This year, however, drivers may be giving some of that back, as automobile insurance rates are going up.
According to industry monitor Insurify.com, drivers can expect to pay on average $1,895 a year for auto insurance. That’s a 7 percent spike over last year (about $10 per month), and a nearly 30 percent jump from 2020.
“What I’ve been telling my customers, is, ‘Buckle-up, because 2023 is going to be a rough year,' " said State Farm insurance agent Drew Becquet.
Becquet told 3NEWS that there are at least a couple of reasons for the increase.
First, both new and used cars and car parts are more expensive because of inflation and ongoing supply-chain issues. Second, people are back on the road and driving more, and more people on the road means more accidents.
So, how can drivers try to offset the increase?
You may need to shop around, something that is always good to do when facing higher prices. But before doing that, Becquet said drivers should first talk with their current insurance provider.
“Let’s make some smart adjustments to your coverage," he said. "Maybe that’s with some deductibles. There are a lot of things we can do without absolutely slashing coverages that are going to make some slight adjustments on the coverage side but could have a big impact on the premium side."
Also, ask your insurance company about discounts. You may qualify for veteran, student, or good driver rates. When the bill comes due, remember that you as the consumer are in control, and there are always options.
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