TERRE HAUTE, Ind. (WTHI)- According to “Bankrate”, car insurance rates are increasing by an average of 4.9 percent.
This rate change will affect more than 62 million policy holders across the country.
This can be attributed to part availability, delays in shipping, and chip and labor shortages.
Terre Haute State farm insurance agent, JD Pizzola, recommends installing a telematics device in your car. This allows insurance companies to reward you for driving safe and fewer miles than average.
Despite prices increasing Pizzola warns against getting rid of your insurance all together.
“Don’t go to your agent and cut your coverage down to zero because then you can find yourself exposed be in a large accident and your assets could be at risk” shares Pizzola.
He also suggests reviewing your current policy to make sure you aren’t being overcharged.
“The only thing your insurance company is going to pay if you have a claim is what your car is worth so if you’re paying an extra 50-150 dollars a month for full coverage for a vehicle that’s not worth very much you’re overpaying.”
Click here to find more ways to save.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.