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5 Ways Drivers Can Beat Rising Car Insurance Rates

A recent article on CNBC highlighted the key factors that insurance companies use to determine auto insurance premiums (Knueven, 2024). Location, driving record, credit history, age, and type of vehicle were among the top elements discussed that are largely out of policyholders' control.

However, the article also outlined some steps motorists can take to potentially lower their rates. Comparing quotes from multiple insurers is one tactic to find the most affordable option.

Maintaining a strong credit score, which many companies use to calculate rates, also helps. Bundling auto with homeowners or renters insurance is an easy way to access an additional discount of up to 20% with some providers.

As inflation puts upward pressure on insurance costs, policyholders would be wise to examine discounts and savings opportunities from their carrier (Knueven, 2024). Taking steps within their power like maintaining good credit and bundling policies can help mitigate rate hikes outside of their control.

Reference:Knueven, L. (2024, March 14). 8 Factors That Affect Your Car Insurance Rates. CNBC.


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