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FIVE ECONOMIC TRENDS THAT MAY IMPACT YOUR CAR INSURANCE COSTS

FIVE ECONOMIC TRENDS THAT MAY IMPACT YOUR CAR INSURANCE COSTS

Economic-Driven Lifestyle Choices That Can

                                                            Affect Auto Insurance Costs

The survey found the most common car-related, money-saving lifestyle changes consumers made in the last 12 months that could impact their insurance costs were:

  • Nearly 40 percent of respondents are driving less overall and/or taking public transportation more frequently.
  • Close to 20 percent of car owners traded in a vehicle for a lower-priced model or got rid of a second vehicle entirely.
  • Almost 20 percent of drivers have reduced or cancelled their car insurance coverage for immediate financial relief, some without realizing the effect this decision could have on future premiums and devastating economic consequences if they were to be at-fault in an accident while being uninsured.

 

“Choices such as driving less, switching jobs, or even paying off a vehicle can save – or cost –on your car insurance,” says NAIC President and Iowa Insurance Commissioner Susan E. Voss, “When determining where to cut spending now, it’s important to consider the big picture. Some changes will save in unexpected ways, while others may increase your cost down the road.  It’s important to understand what affects auto insurance rates so you don’t overlook opportunities to save or accidently make a choice that provides only temporary savings.”  see Five Reasons

COVID-19

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