CAR INSURANCE RATES ROSE OVER 150%, REPORT SAYS
CAR INSURANCE RATES ARE SKYROCKETING ACROSS THE COUNTRY – WITH OUR AREA SEEING A MASSIVE INCREASE OF 154% – THAT’S ACCORDING TO AN ANNUAL REPORT FROM BANKRATE. PEOPLE IN THE PHILADELPHIA METRO AREA ARE SPENDING MORE THAN 5% OF THEIR INCOME ON CAR INSURANCE — AND EXPERTS SAY WE MIGHT NOT SEE A RATE DECREASE UNTIL NEXT YEAR. ACCORDING TO BANKRATE’S ANNUAL CAR INSURANCE REPORT – IN PHILADELPHIA AND WILMINGTON – THE AVERAGE INSURANCE PREMIUM COSTS MORE THAN $4,700 — NEARLY DOUBLE THE NATIONAL AVERAGE.
EXPERTS SAY YOUR CREDIT SCORE IS JUST ONE OF SEVERAL FACTORS. CAR THEFTS AND CARJACKINGS ARE ALSO PARTLY TO BLAME FOR THE RISING COSTS IN OUR AREA. AS WELL AS INFLATION INCREASING THE COST OF VEHICLE PARTS AND LABOR – FORCING COMPANIES TO PUT THE COST BACK ON THE CONSUMER.
EXPERTS SUGGEST POSSIBLY REMOVING COVERAGES THAT YOU DON’T NEED – LIKE TOWING OR LOCKOUT, RENTAL REIMBURSEMENT, OR GAP COVERAGE. CHECK WITH YOUR CREDIT CARD AND CELL PHONE COMPANIES – AS THEY OFFER SOME OF THOSE BENEFITS AT A CHEAPER RATE. AND IF YOU’RE A PARENT OF A STUDENT WITH A 3.0 GPA OR HIGHER — IT CAN SAVE HUNDREDS OF DOLLARS ON YOUR INSURANCE POLICY.
TO READ THE FULL REPORT, VISIT BANKRATE.COM.
