How to Fight Rising Auto Insurance Premiums in 2023

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Even the best drivers will one day face rising auto insurance premiums. Like groceries, retail items, and many other living expenses, auto insurance premiums are expected to get more expensive in 2023. Deer. Find out what’s driving auto insurance premiums up in 2023 and what you can do to keep them down.

What are the premiums in 2023?

Your auto insurance premiums are bound to increase after a car accident. However, auto insurance premiums can increase for everyone due to factors beyond your control. According to Insurify experts, the average annual cost of auto insurance will increase by 7% in 2023. With this increase, American drivers will end up paying about $1,895 per year.

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Why are car insurance premiums going up?

Auto insurance premiums are rising for a variety of reasons. Many factors depend on where you live and the quality of your driver’s license, but nationally average auto insurance premiums will increase for everyone. Some probable causes are:

More drivers on the road

The new year brings a new wave of eligible drivers. Statistics show that the number of licensed drivers in the United States will grow steadily each year: Compared to 2022, we will see a few million more people behind the wheel. There were also fewer new drivers in 2020 due to the COVID-19 pandemic, so more people will want to take the driving test in the coming years. However, more motorists on the road mean more car accidents, and more car accidents require the use of car insurance. An increase in auto insurance claims will lead to higher premiums in all areas.

Technological advances in the automobile.

Cars are advancing every year, and new models are expected to appear in 2023. But new, high-tech cars can be expensive, which means they’ll cost more when complete. New cars also cost more to repair, which also leads to insurance claims.

Natural disasters and medical costs

Medical expenses and natural disasters also contribute to the increase in the cost of auto insurance. If someone involved in a car accident needs medical assistance, insurance companies must include those costs in their premiums. Natural disasters like hurricanes and floods are also common causes of car damage, which in turn leads to more insurance claims. People who live in areas where natural disasters are common may find their car insurance premiums increase after a major storm or flood.

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How to keep your insurance premiums low

Although the national average auto insurance premiums are likely to rise, you can still take matters into your own hands to find the cheapest insurance options. You can take the following actions to reduce your premiums:

Purchase a vehicle with excellent safety features

Looking to buy a new car this year? Be aware of security features that can lower premiums. Some insurance companies consider applying discounts to your car insurance plan based on the safety of your car. Good safety features make your car less accident-prone, which means you’ll need fewer auto insurance claims.

Decide on a Larger Deductible

Increasing your deductible can save you a few hundred dollars on your plan. A high deductible comes with risk as you will pay more in the event of an accident, so it is important that you can afford to increase your deductible in the first place. If you are a prudent driver and can handle the additional costs after an accident, a higher deductible may make sense.

Find a new policy

Getting out of your old auto insurance could do the trick. Changing insurance companies is one way to find a cheaper rate. Compare offers from other insurers to see if there are cheaper rates.

If you’re looking for affordable rates on a good insurance plan, look no further than The General. We believe that everyone deserves quality coverage and five-star customer service, no matter what their credit or driving record. Get a quote in two minutes or less and read more auto insurance articles on our blog.

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