5 Tips to Keep Your Auto Insurance Costs Down

If you’re concerned about the rising cost of your auto insurance premiums, you’re not alone. According to a recent study by Bankrate, the average auto insurance premium for a Nevada driver in 2023 is $2,779—a 14.6% year-over-year increase.

While you may not have control over all the factors that influence your premiums in 2023, you can employ a handful of strategies to try to mitigate your insurance costs.

Why Are Costs Rising?

Many factors that plague the auto insurance industry are causing price hikes for consumers. Among others, inflation and high frequency and severity of losses (e.g., high vehicle theft and increased severity of motor vehicle crashes) drive insurers to shift more costs to consumers.

While you may not have control over all the factors that influence your premiums in 2023, you can employ a handful of strategies to try to mitigate your insurance costs.

What Can You Do?

Consider the following strategies to help keep your insurance costs in check this year and beyond:

1. Maintain a clean driving record. Insurers consider your driving record as a significant factor when determining your premiums. Practicing safe driving habits by avoiding distractions, staying aware of your surroundings and driving defensively can keep your driving record clean and your premiums lower.
2. Take advantage of discounts. Many insurers offer discounts based on factors like being a good driver or student, taking driver’s safety courses and more. Ask your insurance agent about available discounts that you can take advantage of.
3. Choose the right deductible. Choosing a higher deductible will lower your premiums since you’ll pay more out of pocket if you file a claim. If you have a clean driving record, haven’t caused any accidents and can afford a higher deductible, choosing a high-deductible plan may be worthwhile.
4. Report reduced mileage. Your premium costs are also determined by how many miles you drive each year. Limiting your driving and reporting reduced mileage to your insurer can reduce your insurance rate.
5. Bundle policies. Bundling multiple policies with one insurer can lead to substantial discounts. For instance, many companies offer significant discounts if you bundle your home and auto insurance policies.

Let Us Help You!

The agents at Insurance Tigers LLC want you to have the insurance you need at a price you can afford. Contact your insurance agent to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.