Why Do Auto Rates Increase and What Can I Do About It?
To stay viable, businesses are required to sustain higher revenues than expenses, and the auto insurance industry is no different. Auto insurers gain revenue from the premiums their customers pay and incur expenses when fulfilling their obligation to pay for damages. If total claims are higher than total premiums, the company faces a serious problem. The costs to repair damaged vehicles continues to increase, as does the cost of the medical procedures necessary to help accident victims recover from their injuries.
Although the total cost of insurance may go up most years, there are certain measures you can take that may help control or reverse this trend, including:
Multi-Policy Discounts. The more insurance policies you purchase through the same carrier, the more discounts you may receive, and the convenience of having one bill for all your insurance policies is of further benefit.
Defensive Driving Course. Join Brian Merriam, CPCU, ARM, AAI in Schenectady, New York at 376 Broadway for a New York State sanctioned Defensive Driving Course. This 6-hour, two-night course (3 hours each night) is valid for 3 years and can save you 10% on your auto insurance as well as remove points from your license.
Risk Reduction Credits. Vehicles equipped with daytime running lights, anti-theft devices, passive restraint systems, and anti-lock braking systems may qualify you for additional discounts.
Your risks may not be as great as the premium you are paying suggests. Merriam Insurance recommends we meet and review your policy to ensure your policy correctly reflects the discounts and features you should have. Contact us today to learn more.
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