INSURANCE 101: What to know in 2023

Auto premiums continue ascent as hikes may reach 7 percent this year

CAPE GIRARDEAU, Mo. (KBSI) – Inflation has negatively affected nearly all walks of life.

And the auto insurance industry has not deviated from the norm, as policies may reach a 7 percent increase in 2023.

“There are a number of factors that goes into ultimately what somebody pays for their premium,” said AAA Public Affairs Specialist Nick Chabarria.

The first step in savings comes from combing over your policy, inside and out.

“If you have any questions, certainly, we recommend calling your insurance agent,” added Chabarria.

With added drivers on the road, compounded by an increase in claims, the insurance industry had a hike across the board.

“It can range from anything to where you’re live.  Your age, your gender, your marital status, how many years you’ve been driving.  Of course, your driving record, claims history, credit history …,” said Chabarria.

If your premiums have you strapped for cash, begin researching now for alternatives. 

“There are options.  It’s just going to be different for every driver, depending on how much they drive their vehicle and how they use their vehicle,” said Chabarria.

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