BIRMINGHAM, Ala. (WBRC) – The rising cost of auto insurance is becoming a growing problem for many drivers. Some spend 3% of their income on auto insurance alone. Worse still, the premium increases may not be implemented.
Higher new car prices and exploding repair costs are just two reasons why many people have had to contend with an increase in their insurance premiums of 20% or more over the past year.
However, for other drivers, the premiums are even higher because their cars are more vulnerable to crime.
Rebecca Long is one of those people. She is a mother of three vehicles and doesn’t know how she will afford the huge increase in her car insurance.
“It’s going to go up almost $900 in the next six months,” she said. “I really thought that was a mistake.”
But it wasn’t a mistake and she’s not sure how to deal with it.
“The fact that we have to change car insurance or get another car is kind of daunting to me,” Long said.
There are significant premium increases for certain Hyundai and Kia models.
On their “explanation page” you can see that their payments increased from $1,700 to $2,600 every six months.
The vehicle with the biggest price jump is their 2016 Hyundai Sonata – from $857 to over $1,200.
She said the reason for this was that the car was now considered particularly vulnerable to theft after thousands of thefts and attempted thefts occurred as a result of the famous TikTok challenge.
“I asked them if the fact that I have a Hyundai was one of the reasons for the increase in my rates and they said yes,” Long said.
So what can you do?
- Compare companies on a website like Zebra or Nerdwallet
- Ask your current insurer if they
- Older car? Are you considering cancelling your comprehensive insurance?
- For your next car, consider a model with cheaper insurance, such as a Toyota Camry or Rav-4.
Keep in mind that a good driving history may not protect you from large premium increases.
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