Car insurance prices have surged by over 19% year-over-year, according to the Bureau of Labor Statistics, putting additional financial pressure on drivers. To help navigate this landscape, Bankrate Analyst Shannon Martin joins Wealth! to share advice on how to shop for car insurance and save money.
Martin identifies several factors contributing to the rise in insurance costs post-pandemic, including extreme weather risks, a rise in car crash incidents, and higher motor vehicle repair costs as key drivers of the price surge. While she encourages individuals to shop around for the best rates, Martin cautions that "you might not save as much now as you would in the past few years."
"My best advice for anyone who’s even thinking about purchasing a car is start with your insurance budget first," she tells Yahoo Finance. She recommends obtaining VIN numbers from different dealerships and getting quotes from insurance agents about the exact car you want before purchasing.
#youtube #news #insurance
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
