Did you experience sticker shock when you received your auto insurance policy renewal? You’re not alone. Auto insurance premiums are on the rise across the United States. It’s more important than ever to work with an independent agency like Stein Insurance to find the best coverage at the best rate.
Why Auto Insurance Premiums Are on the Rise
Drivers in Minnesota and Wisconsin aren’t alone. Auto insurance premiums are on the rise across the country, for a variety of reasons. Premium increases can strain your budget and make owning a car more expensive. Stein Insurance is here to help you navigate premium increases and find the best value in coverage for you.
Increased Repair Costs
Today’s vehicles are technology marvels. Never have vehicles been as safe and comfortable as they are today. However, these improvements come at a cost, one that many drivers encounter when something goes wrong. Advanced technology makes repairs more expensive to complete. Increased repair costs are one reason why auto insurance premiums are on the rise.
More Frequent Claims
Accidents and severe weather are the most common culprits of auto insurance claims. From dinged windshields due to summer construction season to that fender bender on your evening commute or the weekend’s hailstorm, more frequent claims mean insurance companies are paying out more often. They pass these costs back to their insureds as premium increases.
Inflation and Supply Chain Issues
Inflation and supply chain issues have caused economic stress for years now, and the auto insurance industry is not immune from them. The rising cost of car parts and labor increases the cost of repairs, and thus your premium.
Changing Driving Behavior
During the pandemic, fewer cars were on the road, which meant fewer accidents. But since the end of the pandemic, more drivers are hitting the road. Consequently, accident rates have rebounded, leading to more claims and increased premiums.
This explains the increase in auto insurance premiums. Here are the steps we can take to ensure you receive excellent auto insurance coverage without significantly impacting your budget.
Compare Multiple Carriers for the Best Rate
Stein Insurance is an independent agency. We work with multiple auto insurance companies so we can shop around for the best coverage at the most competitive rate. We can compare your current policy against several options, finding the best balance between affordability and quality of coverage.
Customize Coverage to Fit Your Needs
No two drivers are the same, so no two auto insurance policies should be the same. During our review of your coverage, we’ll ask you about the number of drivers in your household and how often they drive. Identifying daily drivers versus occasional drivers can help you save on your auto insurance bill. We can also adjust coverage levels, explore discounts, and bundle your auto policy with your home and umbrella policies to save even more.
Identify Discounts and Savings Opportunities
Most of the insurance companies we work with offer several different discounts. A few that come to mind are discounts for safe drivers (those without accidents or tickets on their records), discounts for bundling your home and auto policies, low-mileage discounts, and good student discounts for young drivers. This last discount can significantly alleviate the burden of new, higher auto insurance premiums for many families with teen drivers.
Review Your Policy Annually to Keep Costs Stable
At Stein Insurance, we review our customers’ auto insurance annually to ensure you’re always getting the best deal, and that your insurance coverage evolves with your changing needs. If better options become available, we can help you switch seamlessly.
Provide Expert Guidance
Navigating auto premium increases can be tricky. But you don’t have to do it alone. Our experienced agents take the time to shop your coverage, explain your options, answer your questions, and help you understand your policy and your coverage needs. At the end of the day, we want you to feel confident in your auto insurance coverage.
Why It Pays to Work with Stein Insurance
Rising premiums don’t have to mean overpaying for coverage. Working with Stein Insurance, you get access to multiple insurance companies, expert advice, and personalized solutions to help you find the best auto insurance for your needs and budget.
Working with Stein Insurance starts with a call or email. We look forward to reviewing your needs and helping you navigate auto insurance premium increases.
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Whether it’s about the quality of our customer service, the convenience of our online policy management, or the overall satisfaction with your insurance plan, your review is incredibly important to us. It not only celebrates our commitment to quality but also helps others discover what makes Stein Insurance a preferred choice for insurance services. Thank you for your support and for helping us continue to deliver exceptional service!