Rossen Reports: How to cut down on skyrocketing auto insurance costs
We keep talking about how the cost of a car (new or used) has gotten expensive, right? Well, wait until you look at the cost to insure it.
The latest numbers show auto insurance costs are on the rise – and it's only going to get worse.
Nationwide premiums have risen to more than $2,000 a year on average. Financial experts say that within the year, they'll go up an additional 8.4%.
So what can you do to bring your cost down?
Look at bundling
By combining your homeowners or renters insurance with your car insurance, experts say you could save about 16% on insurance premiums. Gather up several quotes that have the same coverage, then compare them. You want to look for the policy with the most types of coverage, the highest limits and the deductible that will fit your budget.
Ask for discounts
It sounds simple – but we tend not to ask! Your insurance company would rather keep you as a customer than lose you if there is a way to save. Your company could hand out discounts if you sign up for autopay or if you're a low-mileage driver, etc.
Raise your deductible
Just doubling it could reduce your premium by more than 10%. If your car is older, cancel some of the collision and comprehensive coverage. You might be paying more for the insurance than the cost of a repair would actually be.