Auto insurance rates to increase in 2023

Insurance rates to increase

WBRC – BIRMINGHAM, Alabama When rates rise once more in 2023, consumers will soon pay more for auto insurance, as inflation strikes once more.

The cost of auto insurance is expected to rise by an average of 7% in the coming year, so now is the time to search around for the best deals.

According to experts, rising prices force insurance companies to pass along higher repair and replacement costs to customers in the form of higher insurance premiums.

The best time to compare vehicle insurance rates is just before your existing policy is up for renewal, according to Kimberly Palmer, a personal financial expert at NerdWallet.

See what alternative rates are available to you by visiting an online comparison tool, entering your information, and Palmer advised. “Canceling your present insurance and switching to a new auto insurance that offers you that better rate can be a wise financial decision if the rate is significantly lower than what you are currently paying. One of the best things people can do to save money is to do this.

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