Hitting the Brakes on Rising Auto Insurance Rates in Linwood, NJ

Hitting the Brakes on Rising Auto Insurance Rates in Linwood, NJ

March 08, 2024

Many Linwood, NJ residents might be feeling the pinch at the gas pump and at their auto insurance renewals. You're not alone. Nationally, car insurance rates have seen a 17.1% increase in just the past year, according to the U.S. Bureau of Labor Statistics. But why are rates climbing, and what can you do to manage them?

Understanding the National Landscape:

While some factors affecting your premium are specific to your driving habits and location, broader trends also play a role. The rising cost of car repairs due to inflation and supply chain disruptions is a major culprit. Newer vehicles with advanced technology can also be more expensive to fix after an accident.

Distracted driving is another concerning factor. A State Farm survey found that over half of drivers admit to reading or sending texts while driving, contributing to the increase in accident rates. These factors translate to higher claims costs for insurance companies, which they recoup through premium adjustments.

Linwood-Specific Considerations:

Living in Linwood, NJ, brings its own set of potential rate influencers. Factors like local accident rates, theft statistics, and vandalism occurrence can impact your premium. Additionally, if you live in a higher-risk zip code within Linwood, you might see a further increase.

Taking Control of Your Rates:

While some external factors are beyond our control, you can take steps to manage your auto insurance costs:

    1. Maintain a clean driving record: Avoid tickets and accidents, which are major red flags for insurers.
    2. Shop around for quotes: Compare rates from different companies to ensure you're getting the best deal.
    3. Adjust your coverage: Review your current coverage and adjust limits or deductibles as needed. Higher deductibles typically lower your premium.
    4. Consider usage-based insurance: Programs that track your driving habits can reward safe drivers with discounts.
    5. Bundle your policies: Combining auto and home insurance with the same company often leads to discounts.

          Stay Tuned!

          This is just the first step in navigating rising auto insurance rates. Remember, Kollman Insurance is here to help you find the right coverage at the right price. Contact us today for a personalized quote!