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Car insurance rates going up, ways to save

  • February 18, 2023

TULSA, Okla. — There’s no doubt the price of gas is a huge factor in the cost of owning a vehicle these days.

But as the 2 News Oklahoma Problem Solvers found out, another cost is becoming another factor for families to consider, cost increases an average of nearly 14%.

Just like everything else, inflation is driving up the price of driving.

“Eggs are $10 a carton so I mean everything else is going to be insane,” Randy Holman halfway jokes.

Even the insurance for his car is costing more and more. 2 News caught up to Holman as he was heading to the tag office to drop off some cash for another vehicle expense.

“It seems like every corporation is trying to raise prices so I don’t see why insurance wouldn’t do the same.”

And the increasing cost for insurance causes some folks to make tough decisions. Heather told us, “When I got the notice my insurance premium was going up a couple hundred dollars, it caught me off guard. I wasn’t expecting it. Now my family will have to cut back at the grocery store.”

Insurance analysts tell us inflation is impacting insurance.

According to a recent report by Insurify the national average cost rose 9% in 2022, and is projected to rise another 7% in 2023. Bankrate.com says nationally, the average cost of full coverage is $2,014 a year, which is 2.93% of the average household income. But inflation isn’t the only thing impacting prices.

“Drivers are getting into more traffic accidents, and those accidents are getting more expensive to remediate,” says Chase Gardner, a data analyst for Insurify.

Gardner says the cost of repair parts, labor shortages, and supply chain disruptions are making claims more expensive for insurance companies to pay out.

“Even if you got

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