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Auto Insurance Rates Are Rising in 2023: Here’s What You Need to Know

Robert Prokop · May 22, 2023 ·

Auto insurance rates are expected to rise in 2023. This is due to several factors, including inflation, higher vehicle repair and replacement costs, and increased car accidents. An independent agent can shop multiple insurance companies to help you find the best coverage and rate based on your vehicle, situation, and needs.

To learn more about how we can help you save money on auto insurance in Minneapolis, St. Paul, Maple Grove, Minnetonka, Plymouth, Wayzata, and the surrounding Twin Cities area, contact Prokop Insurance today.

Inflation

The cost of goods and services has been rising in recent months, which also impacts the cost of auto insurance. Insurance companies need to raise rates to cover their rising costs.

Higher Vehicle Repair and Replacement Costs

The cost of repairing and replacing vehicles has been rising in recent years due to factors such as the increasing complexity of cars/trucks and the rising cost of parts. This is driving up the cost of auto insurance claims, forcing insurance companies to raise rates.

Increase in the Number of Car Accidents

The number of car accidents has been rising in recent years due to factors such as distracted driving, drunk driving, and speeding. This is also driving up the cost of auto insurance claims, forcing insurance companies to raise rates.

How to Save Money on Auto Insurance

If you are looking to save money on auto insurance, there are a few things you can do:

  • Shop around for quotes from different insurance companies. This is the best way to find the best deal on auto insurance. Prokop has access to many different insurance companies, including Progressive, Nationwide, Travelers, Safeco, and many more.
  • Increase your deductible. A higher deductible will lower your monthly premiums, but you will be responsible for paying more out of pocket in the event of a claim.
  • Take a defensive driving course. This can reduce your risk of being in an accident, which can lower your rates. If you are at high risk to insure because you have a DWI, several accidents, speeding ticket, or other, we can still insure you. Contact us today.
  • Install safety features in your car. Features such as anti-lock brakes and airbags can also reduce your risk of being in an accident, which can lower your rates.
  • Bundle your auto insurance with other policies, such as homeowners or renters insurance. This can often save you money on both policies for up to 30% savings.
  • Usage based insurance. Gives you discounts of up to 40% based on how you drive and/or how many miles you drive.
  • Major and minor accident forgiveness. Add this to your policy on the chance you have an accident and protect your rates from going up by an average 25%.
  • Ticket forgiveness. This is a 10% average increase.

By taking these steps, you can potentially save hundreds or even thousands of dollars on your auto insurance premiums.

Additional Tips for Saving Money on Auto Insurance

  • Be a safe driver. The best way to save money on auto insurance is to be a safe driver. This means avoiding accidents, speeding, and driving under the influence of alcohol or drugs.
  • Maintain your car. Keeping your car in good condition can also help you save money on auto insurance. This means getting regular oil changes, tire rotations, and brake repairs.
  • Drive less. The less you drive, the less likely you are to be in an accident. If you can, try to walk, bike, or take public transportation whenever possible.

By following these tips, you can save money on auto insurance and protect yourself from financial loss in the event of an accident.

Here are some additional tips for saving money on auto insurance:

  • Consider your driving record. If you have a clean driving record, you may be eligible for a discount on your auto insurance.
  • Ask about discounts. Many insurance companies offer discounts for things like good student status, anti-lock brakes, and safety features.
  • Pay your bill on time. Many insurance companies offer discounts for paying your bill on time.
  • Bundle your policies. If you have multiple policies with the same insurance company, you may be able to save money by bundling them together. The more policies you add the bigger the discount. Add your motorcycle, boat, life, umbrella, health, pet, commercial, and anything add with do. with the same company.

By following these tips, you can save money on auto insurance and protect yourself from financial loss in the event of an accident.

We can help you compare policies from multiple providers to find the most competitive insurance rates, lowest deductibles, and comprehensive coverage for your needs. Prokop Insurance is proactive and reviews your insurance annually for rates and coverage, features, and benefits. We have access to many top insurance providers, allowing us to offer our clients the best options for policies and prices.

If you are looking for the best auto insurance rates in the Minneapolis/St. Paul area, contact Prokop Insurance today.

Auto Insurance

Prokop Insurance Services
Email: service@prokopinsurance.com
Phone: 612-333-7767
9900 13th Ave N STE 200
Plymouth, MN 55441

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