Car Insurance Rates Are Rising After COVID-19 Decrease—Here’s How to Save
Jane Lu
· 3 min read
Car insurance
rates are known to change with the market, but during the COVID-19
pandemic, they’ve been fluctuating more than ever. As more people start driving again, insurance rates are slowly starting to increase. If you haven't comparison shopped for coverage lately, you may be overpaying for insurance.
Car insurance premiums are going up
During the pandemic, many insurance companies reduced car insurance rates to help customers cope with job losses and financial struggles. Those rate decreases may be coming to an end, however.
According to
Fox Business
, car insurance rates increased in both April and May of this year, by 6.4% and 16.9% respectively. These are significant increases that could add unexpected expenses to your monthly bills. Based on the current data, it's unlikely that we’ll see a large drop in premiums like last year. Shopping around for insurance could help you save money and ensure you have adequate coverage.
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How can you save money on car insurance?
Even with car insurance rates rising, there are still several ways you can save on car insurance. First, you should decide if you can afford to raise your
deductible
. This could lower your premium by up to 10% in the long run, but make sure that you can cover your deductible in the event of an accident. If you drive an older vehicle, you may want to consider
dropping comprehensive and collision coverage
. It might not be worth the extra costs depending on the value of your car.Next, you should check your credit score. Improving your credit score can help you get a better deal on coverage. In many states, car insurance companies run a soft pull on your credit, which won’t affect your credit score, but it does impact the rates the company will give you.
When looking for discounts, think carefully before you opt out of any specific coverage options. Saving money is great, but not at the expense of being
underinsured
in the event of an accident. You should always make sure you have sufficient coverage for both property damage and personal injury protection. You might be able to find savings by switching insurance companies. Before you switch, you might want to look into the company’s reputation for its customer service and claims process.
Jerry can help you find affordable rates
The best way to save on your car insurance rates is to comparison shop for the best deals.
Jerry
gathers rates from 50 name-brand provides and finds you the best deals available for the policy you need. They even help cancel your old policy.Getting multiple quotes with Jerry is fast, simple, and completely online. In just a few quick steps, you can find lower rates and save yourself money. Jerry helps you avoid overpaying for coverage and lets you drive with peace of mind.
