The Rising Cost of Car Insurance in 2024: Strategies to Secure a Better Deal
Tuesday, 12 March 2024, 12:00
Car Insurance Costs on the Rise
The cost of car ownership has been a major concern due to high inflation rates, with car insurance premiums soaring by 20% in 2023 and up by 43% in the past three years through December 2023. This surge has led to Americans cutting back on their budgets for various expenses.
How to Combat Rising Premiums
- Consider Raising Deductibles: One effective strategy could be to raise your deductible to manage the increasing insurance costs.
- Watch Out at Renewal: Be prepared for potential rate hikes upon policy renewal in 2024 as the cost of doing business rises for insurers.
- Shop Around: Despite the price hikes, only 38% of drivers sought better deals in 2023. Mid-2024 is expected to witness record numbers shopping for competitive price quotes.
Bottom Line: Car insurance expenses have become burdensome, but exploring different insurance options and shopping around could provide relief amidst the ongoing surge.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.