AAA Says Average Cost of Auto Insurance Grew 5.7% Over Past Year
A new report from the American Automobile Association (AAA) spells out the many ways that the cost of owning a car has increased and at the top of the list was auto insurance. According to the association, not only did auto insurance rates increase, but they played a major role in why owning a car is much more expensive than it used to be.
Auto Insurance Rates Increasing
According to AAA, the average cost of auto insurance increased by 5.7 percent over the past year, making it much more difficult for drivers to maintain the costs associated with car ownership. But this was not the only increase drivers saw.
AAA noted that tire prices increased 9 percent over the last year as well as the average cost of small cars like Chevy Cobalts (2.9 percent), medium-sized cars like Honda Accords (4.8 percent) and SUVs (10.7 percent).
How to Keep Auto Insurance Prices Low
If you’ve seen proof that your auto insurance rates have increased over the past year, there are steps that you can take to lower your coverage or obtain lower quotes:
- Shop around with various insurers to find the lowest quote
- Repair your credit to increase your insurance bureau score
- Add homeowners insurance to bundle your policies
- Check for online, student, safe driver or other discounts
- Find cars that will lower your rates
With auto insurance making subtle increases, it’s up to you to find ways to lower your premiums. Luckily, there are plenty of ways to lower your rates, so why not take time to do just that?