Your Money Matters


Car insurance rates are going up and here's how to save

Posted at 7:32 AM, Mar 07, 2022
and last updated 2022-03-09 13:47:33-05

PHOENIX — It’s not just prices at the pump that are costing you more with your car.

Experian Senior Director of Consumer Education Rod Griffin says those car insurance rates are jumping too.

“Things like car parts are becoming more expensive so insurance companies will have to pay more for repairs, which means they're going to pass that cost on to you,” Griffin said. “It's important to find ways to save everywhere you can.”

Griffin suggested comparing insurance rates to make sure you’re getting the best offer.

He said for people who do find new carriers with lower rates, Experian found the average savings is about $900 a year.

It’s important to note that when you’re shopping around for new rates, car insurance companies can look at your credit score.

You can even give your credit score a boost by adding your cell phone payments, utility payments, and your streaming service payments as factors in your credit reports on some sites like Experian.

“Use the tools that are available because that will, again, help you save money, help you get better terms, better rates, not only in insurance but also in other kinds of financial products and services,” Griffin said.

Another factor to consider is to make sure you’re comparing similar plans to your current ones.

You don’t want to opt for a cheaper plan and then find out you’re less covered because you accidentally downgraded.