These days, everyone is looking for places to trim their budget. Believe it or not, insurance can be a savings opportunity despite the recent rise in prices from inflation. Car insurance rates have increased over 17% in the past year, according to the U.S. Bureau of Labor Statistics. There are numerous reasons that lead to inflation with car insurance, such as an increase in the cost of labor and the cost of parts and effects from the pandemic. Tara Fawe, Account Executive for the Workers Insurance Agency, has tips on smart strategies to keep both you and your vehicle safe and satisfied in this challenging time.
Use an independent agent
One of the biggest mistakes people make is picking their own coverage without consulting an expert. An independent insurance agent has your best interests at heart and can explain the basics of insurance and unlock ways that you can save – including considering high school GPAs, whether you took a driver’s education class, and more. They can find you a comprehensive plan for the best value, which saves you both time and energy in the long run. In some cases, bundling home and auto insurance together can save you money, but it depends on the company’s rates. Independent insurance agencies have access to multiple companies, meaning they can provide you with options that you may not otherwise have.
Be open to trying new plans
With more options and resources, an agent will shop around to find the best plan for you. Independent insurance agents work locally to provide community members with reasonable plans. For example, Workers Credit Union member Maria had been paying $2,300 a year for the last eight years but still didn’t feel like she had the right coverage for the relatively high cost. She talked to Tara at Workers Insurance Agency to discuss her options. Tara helped Maria by searching for more affordable and higher coverage options. Through her expertise and research, Tara saved Maria $400 a year on a new plan with more protection for her family’s vehicles. That’s a win-win!
Consider quality of coverage over price
When it comes to insurance, many people think the best option is the cheapest option. Often, this is too narrow of a view, as the most affordable insurance may not be the best option for you and your finances. For example, a plan with a lower monthly premium due to lower coverage could leave you paying a significant amount out of pocket for an accident. Ultimately, this approach could be more expensive in the long run and cause you to dip into your savings. You want the reassurance that your plan will help you when it’s needed, which may require going with a slightly more expensive rate. An independent insurance agent can help you weigh the pros and cons and decide on the plan that will be best for you.
Quality auto coverage is important because accidents can happen to even the most careful drivers. Workers Insurance Agency works with Workers Credit Union members to find the best coverage, providing expert guidance along the way. Seeking help is one of the best things you can do as it will give you a piece of mind that you have the coverage you need at a price point you can afford.
Coverage varies by carrier. Products offered by Workers Insurance Agency and Affiliated Companies. Coverage is subject to eligibility and availability. Other terms, conditions, and exclusions may apply. Insurance products available through Workers Insurance Agency, a CUSO of Workers Credit Union are: NOT A DEPOSIT NOT NCUA-INSURED, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, NOT GUARANTEED BY THE CREDIT UNION, OR AFFILIATES MAY LOSE VALUE.
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