Why insurance costs are on the rise—and what you can do about it
By Kelsie Mason | Senior insurance agent
Insurance rates rarely remain the same from year to year. But inflation and other factors are impacting the rates you pay in a real way today.
Many of these factors are out of your control.
But you can take steps to reduce the impact on your wallet.
Why insurance costs are on the rise
A global shortage of chips for new vehicles, rising costs of other materials and worker shortages have contributed to fewer homes and cars available to buy.
Less inventory leads to higher prices.
And as the value of homes and vehicles increases, insurance companies must pay more to repair or replace them when an accident happens.
Anything that raises these costs will likely increase your insurance rates.
5 ways to curb rising rates
But you can take steps to lessen the impact on your insurance rates. These tips can help:
Don’t let your insurance lapse
With prices on everything on the rise, it might be tempting to drop your coverage or delay your payments.
But that can hurt you in the long run.
It’s important to keep your insurance coverage in place and pay your premiums on time. Otherwise, you’ll likely pay for it through higher rates in the future.
Review your coverage
Just because you should keep insurance coverage in place doesn’t mean you have to keep the same coverage.
It can pay off—literally—to review your current coverage. You want to make sure it still fits your needs and is the best option available.
And you don’t have to figure this out alone! A Dupaco Insurance Services agent can help you make sure you have the best coverage for your lifestyle, budget and needs.
Dupaco members saved an average of $376 in annual insurance premiums in 2021 when they switched to Dupaco Insurance Services!
Package your policies
By packaging your policies together, you can often take advantage of discounts.
Ask about other discounts
You might qualify for other insurance-related discounts too.
Maybe you qualify for a good student discount or drive significantly less than you used to. Driving significantly less might mean big savings for your premiums. It’s worth asking your insurance agent!
Be a good driver
Avoid speeding tickets, other traffic violations and accidents. Not only are you out the money of these tickets, but these violations can lead to higher insurance rates.
