WTHR's Allison Gormly spoke with Gregory & Appel Private Client Advisor Pat Schaefer to discuss the rising costs of car insurance premiums.
According to the Consumer Price Index, insurance rates on average are up by almost 20% year-over-year.
Schaefer mentioned some of the factors contributing to rising costs, such as the expensive components that may need to be replaced in the event of even a minor accident, like sensors in the bumper or backup cameras.
Weather can also be a factor. Natural disasters like floods, hurricanes or hail could trigger a rise in premiums. Even if these factors aren't local, they could impact rates in your area: for instance, tropical storms in Florida could cause a rate increase in Indiana.
Schaefer shared some great tips Gormly & WTHR to help customers save money. If you are shopping around, ask each insurance provider if they offer discounts for:
- Your occupation (serving in military, doctors and nurses, police and fire)
- Completing defensive driving course
- Paying premium up front
- Employer discounts
However, if you work with an independent advisor like Gregory & Appel, you won't have to worry about contacting multiple insurers. Your advisor will do a competitive analysis of the carriers offering coverage in your area, and deliver the best rate relative to the rest of the market.
Check out the video below to hear from Schaefer and to hear the full report from WTHR in Indianapolis.
This content is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. Gregory & Appel is neither a law firm nor a tax advisor; information in all Gregory & Appel materials is meant to be informational and does not constitute legal or tax advice.