Reasons for the Rise in Auto Insurance Premiums
According to the Bureau of Labor Statistics, auto insurance prices have soared by more than 19% year-over-year, putting additional financial pressure on drivers. To help navigate this situation, Bankrate analyst Shannon Martin appears on Wealth! to offer advice on how to shop for auto insurance and save money. Martin has identified several factors contributing to rising premiums after the pandemic, citing the risk of extreme weather, increased car accidents, and rising auto repair costs as the main drivers of the price hike. Martin encourages individuals to shop around for the best rates, but warns that “you may not be able to save as much as you have in past years.” “My best advice to anyone thinking about buying a car is to start with a budget for insurance,” she tells Yahoo Finance. She recommends getting VIN numbers from various dealerships and getting quotes from insurance agents on the car you want before you buy. For more expert insights and the latest market trends, click here to watch this full episode of Wealth! This post was written by Angel Smith