If you’ve been notified that your car insurance costs are about to go up, you’re not alone. There’s a major trend in the insurance industry right now of auto insurance prices rising across the board, so it’s not so much a matter of if your payment is going to increase, but when.
This can be a major financial blow, and it means that people everywhere are beginning to consider their options and look for ways to bring the cost of their car insurance down. If you’re looking for more affordable car insurance in Stroudsburg, PA and Bethlehem, PA, YMI Insurance can help you! Here’s what you need to know.
Why are Car Insurance Costs Increasing?
At this point, car insurance costs going up has either already happened to you, or it will soon. There are several different reasons for this and contributing factors.
There has been a string of major disruptions in the supply chain for the auto industry, including the repercussions of the Covid-19 pandemic, storms, the blocking of the Suez Canal, and a shortage in semiconductor chips, a crucial vehicle component. All of this coming together means that both cars and car insurance are much more expensive these days. Changing driving habits due to Covid shutdowns have been leading to more accidents, which has also contributed to this issue, as have labor shortages in all industries, including the insurance and auto industries.
How Can I Keep My Car Insurance Costs Down?
At the end of the day, your main concern is with your own insurance and how to keep the increased costs from causing problems for you. There are some steps you can take to help. The first is to maintain a good driving record, or consider taking a course on accident prevention or defensive driving, which some providers will offer a discount for.
You should also look into available discounts and see if there are any that you qualify for but aren’t taking advantage of, such as low mileage discounts, discounts for energy efficient cars, or discounts for enrolling in automatic payments.
Bundling your insurance can also be a good way to save money, as most insurance providers will offer you reduced rates if you get your car insurance from them as well as other policies, like renters or homeowners insurance. This also might be a good time to start shopping around for other insurance options that might be able to offer you a better deal, like Erie Rate Lock insurance.
Is Erie Rate Lock Worth It?
Rate lock insurance is a type of auto insurance that doesn’t change over the years unless certain conditions are met. Essentially, once your policy begins, your rate is “locked” into place. Some of the conditions that might result in your rate changing include adding or removing a vehicle or driver from your policy, or changing your primary residence.
An accident won’t change your rates, although you might not be able to renew your policy. Otherwise, as long as you don’t make any of the three qualifying changes, your insurance rates will remain the same year after year, no matter how they might rise across the industry.
Erie Rate Lock is a great option for lots of drivers right now, so if you’re shopping around for better prices on your car insurance, it’s worth considering!
Finding a way to avoid paying too much for your auto insurance is an immediate need for everyone who owns a car, and it’s not an issue you want to face alone. Contact YMI Insurance today and let us help you find the best possible deals on cheap car insurance in the Stroudsburg, PA and Bethlehem, PA areas!
