What Can You Do About Rising Car Insurance Rates?
You may have enjoyed a reduction in your Florida car insurance rates in 2020, due to COVID-19 stay-at-home mandates, fewer vehicles on the road and fewer resulting accident claims. But rates are about to go up, if yours haven’t already. Since Florida requires all drivers to carry car insurance, this means you’ll take a hit financially.
Steve Ellis, an Assistant Vice President and Claims Field Manager at Liberty Mutual, said, “The overall cost of doing business is increasing for practically all companies in the U.S., including insurance companies. And because the ‘cost of doing business’ is part of the calculation of premiums, consumers can expect, in general, higher premiums in 2022.”
What can you do about rising car insurance rates?
Actions to Take That Lower Your Car Insurance Rates
We recommend taking the following basic actions that can lower your car insurance rates and save you money.
- Raise Your Deductible – Paying a higher deductible when you actually need to use your car insurance means that you will pay lower monthly premiums. Save up a few thousand dollars and stick it away in a savings account until needed. Hopefully, you won’t need it for quite a while, saving you money on premiums and possibly earning you interest on the money in question.
- Reduce Coverage on Older Vehicles – With an older vehicle, it doesn’t take much damage to render it a total loss. You could be paying more for coverage than anything you could receive in return on a claim. Reduce coverage to the very basic requirements to save money.
- Keep Up with Your Payments – Many insurance companies honor a regular payment record with discounts. But your overall credit score can also impact your car insurance rates. Keeping all your payments current will improve your credit rating and can result in lower insurance premiums.
- Bundle Insurance Coverages – Most reputable insurance companies offer discounts if you combine your homeowners, vehicle, boat, life, and other insurance coverages with the same company. While this is not always in your best interests, it can be a route to saving money overall.
- Research Available Discounts – Many different discounts exist with different insurance companies, and you may be eligible for some and not be aware. Start with investigating available discounts from your existing insurance carrier, then seek out what other companies offer. You may discover significant savings by switching to another carrier, depending on their discounts.
- Drive Safely – Almost all insurance companies offer a safe driver discount. Work to maintain a safe, accident-free driving record with no claims. You should also avoid marks against your driving record from moving violations, as sometimes this can be a factor that affects your car insurance rates.
Save Money by Contacting Peeples Insurance Agency
One of the most significant ways you can save money on your car insurance is by contacting Peeples Insurance Agency in Bradenton, Sarasota or Margate for a review of your current coverage. We can likely save you money while offering the same or even better coverage. Here’s why:
We’re an Independent Agency – We Work for You!
Peeples Insurance Agency is an independent agency, and we are not beholden to any particular insurance company. As an independent agency, we work for you, not a specific insurer. Our goal is to research all available companies and policies to help you choose the car insurance coverage with the best discounts, coverages and pricing. Period.
We Partner with Over 50 Insurance Companies
We do not work “for” a single insurance company – but we partner with over 50 different insurers. This means we can offer you loads of options in order to tailor your coverage specifically to your needs. All our partners are reputable companies with extremely high ratings for integrity and financial stability. We will never recommend an untrustworthy insurance company.
Contact Peeples Insurance Company in Florida today for a review of your current car insurance coverage and rates. We have three convenient locations to serve you and we’re happy to help you save money while protecting your property and family with the best coverage.