Here’s What You Need to Know and Save Money.
If you drive a car, you might be paying more money in insurance premiums in the coming months. Experts say rates could go up by 5–7% in some states over the next few months.
Why is this happening?
The cost of repairs is getting higher. With new tariffs (taxes) on car parts imported from elsewhere, the cost of replacing parts is rising. If repair shops are paying for more parts, then insurance companies are spending more on claims. The only way to recoup their costs is to increase premiums, which you end up paying.
How it may impact you:
In some states, such as Virginia, rates will increase about 5.1% by the end of the year.
Nationwide, rates could be increased to 7% assuming tariffs last.
What you can do now to save some cash:
Shop around – Price compare insurance coverage from different companies and find a better deal with similar coverage.
Ask about discounts – Many insurers give discounts for safe driving, for bundling home and auto, for paying once a year.
Change your coverage – With regards to older vehicles, you may be able to reduce or remove coverage parts that would save you money.
Consider raising your deductible – Raising your deductible may reduce your monthly payments, but you will need to ensure you can afford the higher deductible in the event of an accident.
💡 Tip: Don’t wait until your renewal date. If you check your policy now, you might be able to save money and lock in a lower price before the renewal increases your rates.
