Home and auto insurance rates have been increasing in recent years, and this trend is
expected to continue in 2023. There are a number of factors contributing to these rate
increases, including:
- Inflation: Inflation is driving up the cost of everything, including the cost of
repairing and rebuilding homes and cars. This means that insurance companies
need to charge higher rates in order to cover their costs. - Increased claims: The number of insurance claims has been increasing in
recent years. This is due to a number of factors, including more severe weather
events, more distracted driving, and more vehicles on the road. - Higher repair costs: The cost of repairing and rebuilding homes and cars has
also been increasing. This is due to a number of factors, including the rising cost
of labor and materials, and the increasing complexity of vehicles. - New technologies: New vehicle technologies, such as self-driving cars and
electric vehicles, are also impacting insurance rates. Insurance companies are
still trying to figure out how to price these new risks.
In addition to these general factors, there are also a number of specific factors that can
impact your home and auto insurance rates. These include:
- Your driving record: Drivers with a clean driving record will typically pay lower
rates than drivers with accidents or violations on their record. - Your credit score: Insurance companies use your credit score to assess your
risk level. Drivers with higher credit scores are typically considered to be lower-
risk drivers and pay lower rates. - The type of car you drive: Some types of cars, such as sports cars and luxury
cars, are more expensive to insure than others. This is because they are more
likely to be stolen or involved in accidents. - The location of your home: Homes in areas with high crime rates or natural
disaster risks are typically more expensive to insure.
What Can We Do To Help Manage Your Cost
If you are concerned about your home and auto insurance rates, here are a few things
Waverly Insurance Group and you can do to help manage these trying times.
- Your Waverly Insurance Group Agent can shop to find the best carrier to
represent your needs: Erie, Travelers, Mutual Benefits Group, Nationwide, AIC,
Progressive, Foremost, Hartford and many others. - Take advantage of discounts. Many carriers offer discounts for things like having
a clean driving record, bundling multiple policies, and installing safety features in
your home or car. - Raise your deductible. Increasing your deductible will lower your monthly
premium, but it will also mean that you will have to pay more out of pocket if you
file a claim. - Consider lowering your coverage limits. If you are on a tight budget, you may
want to consider lowering your coverage limits. However, be sure to carefully
review your coverage before you make any changes to make sure that you still
have enough coverage to meet your needs.
If you have any questions about your home and auto insurance rates, be sure to contact
your Waverly Insurance Group Agent. They can help you understand the factors that
are impacting your rates and find ways to save money.
“If you don’t know insurance, know your insurance agent”