Is your car insurance rate high? Here are some tips to lower it
Inflation is not the only reason why some people are paying more for car insurance, according to agents.
KNOXVILLE, Tenn. (WVLT) - Year over year, car insurance prices are increasing by 12%, according to the Consumer Price Index.
Neil Schmitt, an agent at State Farm Insurance in Knoxville, said delayed claims don’t help you.
“We are seeing a tremendous increase in claims cost,” Schmitt said. “The longer it takes to settle a claim, the longer a claims adjuster is involved with it, the storage costs, getting the parts in, it’s going to drive the prices up.”
In 2022 alone, productivity fell to the lowest rate on record since 1947, according to data from the Bureau of Labor Statistics. The drop affects all sectors of the workforce, including body shops.
According to Schmitt, you can reduce your car insurance rates by disclosing to your insurance provider the hours when you use your vehicle, removing discrepancies from your driving history and making adjustments to your policy.
“Sometimes, there’s errors on your record. You have a teenage son - that was on your car that never got taken off, and he’s moved out of the household,” Schmitt said.
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