Inflation, other factors driving auto insurance rates up

Published: Jul. 26, 2022 at 10:41 PM CDT
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BIRMINGHAM, Ala. (WBRC) - You can add auto insurance to the growing list of things we’re paying more for.

Some people we spoke with told us their rates are going up $50 to even $200 more than what they paid six months ago.

Several major auto insurers including State Farm, Allstate, Progressive and Geico have increased rates according to Bankrate.

We’re told its due to a number of things including inflation due to the increased price of car parts, labor and rental car fees. So, what can you do about it?

Rod Griffin with Experian says don’t get into any accidents and shop around. He suggests also calling the insurance companies to try and get a better rate.

“Shopping around is a way to empower yourself as a consumer and start by calling your own insurance provider and saying, ‘Hey, I’ve been a great customer. I haven’t made any claims, can you do something about my rates?” Griffin said.

At least one auto insurer is increasing rates because of the number of claims on certain vehicles.

Experian offers an auto insurance comparison tool that helps you find quotes from 40 different providers. You can find more on their website here.

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