How to Bring Down Your Car-Insurance Premiums
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What is the main topic discussed in this episode?
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Why are U.S. car-insurance premiums up 8.3% year over year?
Here's your money briefing for Friday, September 30th. I'm J.R. Whelan for The Wall Street Journal. Just as the cost of putting gas in your car has started coming down, the price of insuring it has gotten a lot higher.
How did pandemic driving patterns and inflation push rates higher?
And that has many drivers looking for ways to save money.
According to AAA, you should get at least three quotes from insurers before signing on to a policy. And there's a lot more discounts than people might think there are.
Coming up, our personal finance reporter Veronica Dagger will explain why car insurance premiums have risen so much, and she'll run through some of those discount opportunities. That's after the break.
This podcast is brought to you by ReliaQuest. Cyber criminals are constantly attacking. They want your data. They want your identity. They want your innovation.
How do vehicle repair costs and technology affect your premium?
ReliaQuest fortifies your business with agentic defense, AI that detects, contains, and eliminates cyber threats in minutes. It helps your security team move faster at the work that matters most to protect the business now and delivers insights to help them predict what's next. ReliaQuest, agentic defense for the enterprise. Learn more at ReliaQuest.com. That's R-E-L-I-A-Q-U-E-S-T.com.
If you want to drive pretty much anywhere in the US, you've got to get insurance. But car insurance rates are costing on average 8.3% more now than they were a year ago. So what are some ways you can bring down your car insurance costs? Wall Street Journal personal finance reporter Veronica Dagger has been looking into it, and she joins me now. Hey, Veronica, thank you for being with us.
Thanks for having me, JR.
So, you know, Veronica, it's not unusual for insurance rates, and in this case car insurance, to go up every year.
How does where you live change what you pay for car insurance?
But 8.3%? That seems like a lot. Why have these premiums risen so much in just one year?
It's a lot. So you've got inflation at play, but it's not just inflation. You have more Americans driving more miles again compared to the height of the pandemic. A lot of people went off the road during that time. Now people are back to their routines largely. So all of this has led to a higher rate of serious crashes, fender benders, and even road rage is jacking up the price.
Anything else that's pushing premiums higher?
I mean, there's things beyond your control, like your age and the type of car you have. But type of car, I mean, you do have some control over that, right? But a lot of the newer cars in general, the technology that's being used in those cars is a lot more expensive to repair. It's a lot cheaper. There might be supply chain delays on some of that technology, whether it's a Tesla or some other kind of new model car, not necessarily an electric car. So that is jacking up people's prices. Also, there's higher rates of vandalism, more theft in general. And then also where you live plays a big part. So for example, drivers who live in an urban area, say Brooklyn, are going to pay more for car insurance than drivers who live in, say, upstate New York or upstate Vermont, for example.
What coverage items should owners review to cut their costs?
And that's because of things like crime and also potential for damage. And so if you live in one of these small towns, you're probably paying a lower premium than you are if you live in a big city.
All right. So let's talk about some ways that people can save money. A lot of people probably haven't reviewed their policies or coverage plans in a while. What should they look for there?
Well, see what you need. If you have an older car, you might want to drop some of your coverage.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:30
2
Why are U.S. car-insurance premiums up 8.3% year over year?
0:30–0:47
3
How did pandemic driving patterns and inflation push rates higher?
0:47–1:18
4
How do vehicle repair costs and technology affect your premium?
1:18–2:13
5
How does where you live change what you pay for car insurance?
2:13–3:34
6
What coverage items should owners review to cut their costs?
3:34–4:36
7
When does it make sense to drop collision or comprehensive coverage?
4:36–6:19
8
Can raising your deductible really lower premiums and is it safe?
6:19–9:27
Speakers
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