7 Ways To Save Money on Car Insurance As Inflation Soars

There are ways to save on your car insurance premiums.

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Insurance premiums are getting more expensive for consumers in 2022. Major car insurers started receiving approval for substantial rate increases at the close of last year, raising premiums anywhere from 3% to 12%, according to S&P Global Market Intelligence. Along with the continuous rise in prices for goods and services throughout the US, increased insurance costs are squeezing consumers, and wages aren’t tending to keep up. 

Skyrocketing inflation is the primary reason for these rate hikes, driving up prices for goods and services across the US. Along with higher auto insurance rates, gas prices have also hit record highs, making driving more expensive.

Despite these rising costs, there are plenty of ways to keep more money in your pocket. Here’s an overview of ways to mitigate increasing insurance costs. 

1. Increase your deductible 

Increasing your deductible — your out-of-pocket cost before your insurance will pick up the bill on a claim — can lower your premium. This move might make sense if you aren’t driving much right now, do not have a history of accidents on the road or if you need to reduce your monthly costs to stay insured. Doing this could cost you later if you’re in an accident, though, as you’ll have…

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