Due to inflation, part shortages, labor scarcity, rising lumber and energy costs, and home and car pricing, it shouldn’t be surprising that the time it takes to repair or replace an automobile or home is longer and more expensive than ever. It’s estimated that automobile part costs increased at least 15 percent last year. Home repairs or replacements are worse – Angi states there has been a 25% year-to-year increase over the previous two years for planned repairs and a 42% increase for emergencies. This trend is not expected to stop in 2023.
Which, unfortunately, has led to rising insurance premiums.
What Can You Do to Offset Rising Insurance Premiums?
Here are the tips that Jeff Novak and his team recommend:
- Set up a phone or in-person meeting with your benefits specialist to review your insurance options. They can look at switching to another carrier or bundling your home, auto, and other insurances together (including boat, RV, and motorcycle).
- Consider raising your deductible.
- Perhaps the pay-per-mile auto insurance is right for you. With this type of coverage, we use a tracking device to monitor the miles you drive over a period, typically four weeks. In return, you pay a base rate for insurance and an additional per-mile rate, often resulting in lower monthly premiums when compared to traditional coverage.
- If a work-from-home option is available, consider working some or all the time remotely.
- Consider using alternative materials like wood veneer or vinyl flooring instead of hardwood floors or wood decks at your home.
- Preventative maintenance is your best option for your home and car. Be sure to follow our tips to winterize your home. Take your vehicle for regular maintenance, including oil changes and tire rotation.
- When purchasing a car, consider a used one. Call our office before you sign the dotted line, and we can estimate coverage costs between cars A and B.
“The best way to counter the rate increases is to keep your policy information up to date and to take advantage of any carrier available discounts.” — AIDI Agent Tom Bartholomy
Advanced Insurance Designs, Inc. has Great Insurance Tips
You get the power of choice when you work with us; from simplifying the insurance process to finding the right coverage, we are here to help you.
