Home and auto insurance premiums are expected to rise in 2025, so it’s a good time for consumers to explore ways to save money. Auto insurance premiums could go up for ALL drivers, including those without moving violations or claims, due to market factors like increased repair costs and more frequent severe weather events. Additionally, inflation and supply chain disruptions have driven up the cost of supplies and labor, contributing to higher overall claims costs and repairs.
Amid these difficult market conditions, one suggestion is to evaluate your current coverage and consider increasing your deductible in order to help reduce your monthly premium. According to recent research from the Insurance Information Institute, increasing your deductible from $250 to $500 can cut premium costs by as much as 12%. That savings could be set aside to help cover future claims.
Other ways to reduce your insurance costs include:
Increasing your credit score.
Purchasing multiple lines of coverage from the same carrier as many offer discounts for bundling home and auto policies.
Consult Lawley! In addition to these practices, be sure to reach out to us for more tips on reducing your personal insurance expenses. An insurance specialist will be able to provide you with personalized guidance and cost-saving measures that are unique to your circumstances.
Don’t Ditch Your Coverage
Above all, avoid cutting costs on your personal insurance policies by reducing your coverage to less than what you really need or eliminating your policy altogether. Doing so might seem like a simple way to save money in the short term, but it could easily lead to financial devastation later on in the event of a costly disaster.
Contact Lawley for a personal review of your policies and for more ways to reduce your insurance costs.
This article is for informational purposes only and is not intended as professional advice. © 2008, 2013, 2016, 2021 Zywave, Inc. All rights reserved.
