Notice an increase in your insurance premium and feel frustrated thinking nothing on your end has changed? Here are some impacting factors and steps you can take to combat the rising rates. According to Kelly Blue Book in 2023 the average price of a new car is $49,388. The average price of new home in Bucks County is up 25% since 2020 to an average of $440,335.
Inflation, chip shortages needed for auto technology, and worker shortages are factors causing the supply/demand problem and driving costs up. Auto repair shops are increasing pay to retain workers and those costs are being absorbed by consumers/insurance companies in higher repair bills. Last year it is estimated that an unexpected $9 billion paid out for physical auto damage and $30 billion paid out for home claims. Insurance companies are increasing premiums to stay profitable.
As a consumer you have options. Compare your policy across insurance carriers. Ensure accurate coverages, deductibles and discounts. Remove unnecessary add-ons or duplicate coverages. Consider increasing your deductibles. Going from $500 to $1,000 may make sense. Consider enrolling in a user-based driving program. Savings for participating and additional savings available upon completion.
We’ve seen the ebbs and flows and have experience in helping clients navigate the market. Having a pulse on the different Insurance companies we work with, the coverage and discounts they offer, client fit, and company specifics- allows us to help residents of PA and NJ find the right insurance policy for their needs.
At AAA Richboro, we provide peace of mind around insuring your most important assets. Your Life, Home, Auto and Pets. If you were affected by increasing premiums and don’t know if you are properly covered at a fair price, then give us a call at 215-485-5491. cluballiance.aaa.com/Agent/NicholeMeyers.