Drivers Are Finding Ways to Make Car Insurance Cheaper
Cheap car insurance has become harder to come by for American drivers. Unfortunately, rates for car insurance policies have steadily increased over the last few years, and many car owners have had enough. As a result, some are considering other options in order to make this required part of driving more affordable. This is especially true for people who consider some of the best new cars.
Drivers want cheaper car insurance policies
According to Yahoo Finance, the average annual cost of full coverage car insurance went up 12 percent in the last year. Now, it costs an average of $2,278, which is 7 percent higher than it was the year before. Because of the rising prices, about half of drivers surveyed said they have shopped for other forms of cheap car insurance.
However, this doesn’t mean drivers only look at other insurance companies. Instead, the outlet reports that some people are deciding that it’s best to change their car insurance policies. Some are increasing their deductibles to have cheap car insurance payments. Additionally, more drivers are considering pay-per-mile car insurance to find cheaper rates.
There’s more to the story. More car buyers than ever are taking the price of their potential car insurance policies into consideration when they buy a new vehicle. This is because the price and type of vehicle impact how much drivers pay for coverage.
However, some of these changes have a few drawbacks. In particular, increasing the deductible for car insurance policies can have clear consequences. This is because any damage that needs to be covered will need to be more expensive before the insurance company will pay for it. Still, the lack of cheap car insurance nowadays makes this decision seem like the better option.
There are a few reasons why car insurance policies have gotten more expensive. For one, this is due to the pandemic. Additionally, the best new cars have gotten more expensive to insure because of the rising prices of chips and other important parts. Sadly, coverage has become unaffordable for many people.
