insurance costs

More

Car insurance in Detroit is expensive, lags Miami, Tampa

  • February 19, 2023

Metro Detroit has the third-most-expensive car insurance in the country, according to a new report.

Only Miami and Tampa residents spend more of their income on premiums than in metro Detroit, where residents pay $3,067 each year, according to the report from Bankrate.com, which looked at the 25 largest metro areas in the country, by population.

Michigan’s the seventh most-expensive state for car insurance, with an average annual premium cost of $2,691.

Miami residents pay $3,447 a year and in Tampa, car insurance costs $3,302 annually, according to the report. With average premiums of $3,139 annually, New York is the most expensive state for car insurance, the report said.

The high insurance premiums in metro Detroit mean residents spend nearly 5 percent of their household income on car insurance. The national average is $2,014 a year, nearly 3 percent of the average U.S. income and almost 14 percent higher than a year ago. Bankrate data shows metro Detroit costs are 6.79 percent higher than they were in 2022.

High auto insurance rates were part of the impetus behind a rework of Michigan’s no-fault insurance law in 2019.

The higher costs are due to inflation, labor shortages and supply chain disruption, Cate Deventer, a Bankrate analyst, said in a statement. She said individually, the factors increase the costs of claims and when combined, they significantly drive up the cost to repair or replace a vehicle.

And the costs can be even higher depending on circumstances. Causing a car accident increases metro Detroit car insurance premiums to $4,270 a year; a married couple who adds a 16-year-old driver will see rates rise to $6,455 a year and a drop in credit will lead to a jump in costs to $8,056 a year, according to Bankrate’s report.

In metro Detroit, a drop

… Read the rest
INSURANCE
More

Average Auto Insurance Cost Soars Nearly 14% To $2,014

  • February 11, 2023

Insurance costs are climbing and drivers in Miami are paying an average of $3,447

More

The cheapest cars to insure in 2023

  • February 8, 2023
cars in traffic

olaser/Getty Images

When shopping for a large purchase, like a car, it’s not surprising that consumers want to find the best deals. When trying to budget for a vehicle, you probably consider the overall price, especially if you plan to get a loan. You might also consider the resale value and the fuel efficiency, given the higher cost of gasoline. But not everyone considers insurance costs. Some vehicles cost more to insure than others and over time, insurance rates can add up. Bankrate assessed auto insurance rates for the most popular car models to determine the cheapest cars to insure.

The 10 cheapest cars to insure

The cost to buy a new vehicle has skyrocketed since 2020, although used vehicle prices have started to fall since their peak in 2021. With inflation still elevated and car insurance rates rising to keep pace, you may be wondering if cheap car insurance could help offset some of these increased prices. While buying a different vehicle to get cheaper car insurance may seem like a drastic step, it could be a practical one, especially if you’re already in the market for a new or new-to-you ride.

Below, we showcase the 10 cheapest vehicles to insure based on our assessment of average rates for 27 vehicle makes and models. For comparison, the national average cost of car insurance is $2,014 per year for full coverage. We’ve included the average full coverage premium, as well as the starting manufacturer suggested retail price (MSRP), for each vehicle (remember that the MSRP will vary based on the trim package and optional features). We also highlight the percentage of the MSRP spent on car insurance, so you can decide if the average premium makes sense for the cost of the car, especially when compared to your financial

… Read the rest
INSURANCE
More

These Upgrades May Shrink Your Home Insurance Costs

  • September 10, 2022

Along with food, gas, and many other essentials, home insurance costs are on the rise in Canada.

Issues like climate change and increased rebuilding costs mean insurance companies are paying more to settle claims — an expense they pass on to customers.

It’s unwise to be without home insurance, or to be underinsured. So if you’re looking to shrink your home insurance premiums, improvements that make your home safer or less damage-prone may be the better route.

How are home insurance premiums determined?

Insurance companies consider a variety of factors when determining the cost of home insurance. They start by estimating your home’s value. Then, they calculate how much it would cost to repair or replace the structure and its contents based on numerous factors, including:

  • Location and type of house.

  • Size and age of your home.

  • Proximity to a fire hydrant (the closer the better).

  • History of previous claims, if any.

  • Type of electrical wiring and heating.

  • Whether or not you have a finished basement.

  • Level of finishes.

  • Replacement cost of contents.

Homeowners who make property alterations that reduce their chances of filing a claim are sometimes rewarded with discounts. It’s very similar to the way that a violation-free driving record and a vehicle with extra safety features can sometimes earn you cheaper car insurance — they’re indications that you’re less likely to have a costly accident.

6 home upgrades that may shrink insurance costs

Each home insurance company, policy and property is different, so there’s no guarantee the following upgrades will result in a smaller bill. Read your own policy carefully and reach out to your insurance company before doing renovations to confirm what discounts are possible, if any.

1. New roof

Getting a new roof could help decrease your insurance payments, especially if the existing

… Read the rest
INSURANCE
More

5 Ways to Lower Your Car Insurance Premiums

  • August 19, 2022

The cost of living keeps on going up, but that doesn’t mean you should be paying more for your car insurance than you need to. With Budget Insurance, you can save money on your car insurance premiums, while getting all the coverage you need. Here are 5 top tips to help you save money on your premiums…

PARTNED CONTENT

There is no question that having adequate car insurance is an essential expense. You just never know what can happen on the road and being fully protected isn’t a luxury – it’s a necessity. However, that doesn’t mean insurance premiums should exhaust your disposable income. In this article, Budget Insurance suggests a handful of ways in which you can reduce what you pay for car insurance every month.

1. Choose the type of car you drive carefully

Does the type of car you drive affect your car insurance premiums? Yes, it does. In fact, it’s a major consideration. The general rule of thumb is that the more expensive a car is, the higher you will pay for car insurance. This is because repairs or replacement costs will be higher in the event of the car being damaged or stolen.

But there are a few more factors to think about when buying a new set of wheels. This can include the vehicle’s age, whether it is a luxury model, safety features and the statistical chances of the car being involved in an accident or stolen.

Buying second-hand can be a good option, but consider these important factors before you shell out any money. This is because newer cars are equipped with more expensive features, which are more costly to replace than those in older models. Your vehicle’s body style could also have an impact on insurance costs. For example, SUVs garner

… Read the rest
INSURANCE
December 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031