Auto insurance has been increasing rapidly, so much so it contributed to recent hotter-than-expected Consumer Price Index (CPI). With rising costs hurting consumers, it’s important to know what are the best ways to cut costs.
Trusted Choice Board Member and CoverLink Insurance President Matt Simon joins Yahoo Finance to break down some of the best ways to reduce auto insurance costs and what investors need to keep in mind with auto insurance and inflation.
Simon offers this advice to consumers: "Two big things that consumers can do — number one, look at increasing your deductibles. So many drivers nowadays we see still have $250, $500 deductibles when the reality is they probably should be closer to $1,000 or $2,500 if they can afford it. That would certainly help drive their down cost of insurance down quite a bit. Which dovetails into my second suggestion, don’t use your insurance for the nickel and dime-type claims. Don’t turn in small claims if you can avoid it. If you’re going to do that you might as well go ahead and increase your deductibles because you’re not planning on turning those smaller claims in in the first place. "
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