Customers might quickly improve car insurance premiums – KOB

"There are more drivers now than ever before, and we have more incidents of distracted driving and other problems," said Reilly White, Ph.D., Associate Professor at the UNM's Anderson School of Management.

There are currently several factors facing consumers.

"This year the average cost of a new car rose to over $ 45,000 for the first time," said White. “That is a huge increase of around 12% over the previous year. Used cars have grown even faster – averaging over 20% – to have hit the $ 25,000 mark. That means that the insurance costs more. "

Supply chain problems and more expensive repairs also contribute to a possible price increase. The data also shows that distracted driving accidents are on the rise, which is another factor.

"We have so many things going on online, so much going on on our phones, people attending meetings and doing other things in their cars – all risky behaviors," White noted.

What can you do as a consumer? White says you need to shop around and compare prices while also considering what you need and what to leave out. Unfortunately, he also says that prices will continue to rise until next year and will continue the following year.

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