Feeling the Pinch at the Pump and on Your Insurance Bill? Here's Why, and How

Feeling the Pinch at the Pump and on Your Insurance Bill? Here's Why, and How

February 16, 2024

Living in the Stephenville area means enjoying small-town charm and (usually) lower costs. But lately, some of us are facing a double whammy: rising gas prices and, you guessed it, increasing insurance rates.

Feeling frustrated? You're not alone. Nationally, auto insurance rates jumped 17.1% in the past year, according to the U.S. Bureau of Labor Statistics. But what's driving this upward trend? Here are the key factors:

1. The Cost of Everything is Going Up: Remember inflation? It's not just gas prices feeling the heat. Car repair costs have skyrocketed due to supply chain issues and parts shortages. This directly impacts insurance companies, who have to pay out more for claims.

2. We're Back on the Road (Maybe a Little Too Enthusiastically): After pandemic lockdowns, a lot of folks got back to work...that means more drivers. Unfortunately, more drivers and busier roads translate to more accidents, further increasing insurance costs.

3. Distracted Driving is Taking its Toll: Studies show an alarming rise in distracted driving, leading to more accidents and higher claims for insurers.

4. Advanced Cars Come with Advanced Price Tags: Fancy new safety features are great, but they come at a cost. Repairing these complex systems is expensive, pushing insurance rates up.

Don't Despair! You Have Options:

While these factors are outside your control, there are steps you can take to manage your auto insurance costs:

    • Shop around and compare rates. Loyalty is admirable, but getting quotes from multiple insurers can save you hundreds.
    • Maintain a clean driving record. Avoiding accidents and tickets is the simplest way to keep your rates low.
    • Adjust your coverage levels. Do you need full coverage on an older car? Reviewing your coverage options could reveal savings.
    • Take advantage of discounts. Many insurers offer discounts for good drivers, low mileage, safety features, and even taking defensive driving courses.

In the meantime, contact Fraser Agency, your trusted Stephenville insurance experts, for a personalized quote and expert advice on managing your auto insurance costs. Remember, Fraser Insurance Agency is here to help you navigate the ever-changing insurance landscape and find the best coverage at the best price. Don't let rising rates put a damper on your Stephenville lifestyle. Let us help you stay protected and on the road!