I don’t care who you talk to in the insurance industry right now, you’re going to hear the same thing…. Insurance Rates are Increasing for Everyone. It is true and it’s really not your fault, but there is something you can do to make sure you’re getting the best rates. Rates are going up due to a few key factors: Record number of claims, a huge increase in repair costs, a recent large increase in used vehicle pricing and social inflation. Overall, insurance rates have averaged a 14% increase over the past year.
So what can YOU do to make sure you are getting the right coverage at a fair rate:
- First, work with an Independent Insurance Agent, who will have access to many carriers that can provide lots of options and typically have better coverage as well.
- Make sure you ask about discounts: Good Student, low mileage, occupation, multi-policy and more can provide you with discounts you might not currently have.
- Ask about usage monitoring programs, this can be an app or chip that tracks your driving habits and can provide a 5% to 25% discount on your auto insurance
- Check your deductibles, if you have more than 1 vehicle – it may be worth it overall to increase your deductibles for all vehicles. Often the annual savings can offset a single deductible increase
- Be a smart driver: Avoid driving during weather as the majority of claims still come from poor visibility and driving conditions
McDonald Insurance Agency is here to help you navigate these increases and while they may not be avoidable, we want to help you receive the best possible value.