COLUMBUS, Ohio — Right now car insurance prices remain at an all time high, and it's unclear when there could be some relief.
Experts from Experian say more drivers are starting to shop around for new insurance. They estimate 65% of people have plans to shop around for new rates within the next year and 30% plan to change insurance companies all together. That being said, insurance prices could change following the federal reserve cutting interest rates.
"The hope is if people are buying cars more. More demand means lower cost. So supply and demand. If supply is up, more demand, we hope would lower cars which results in lower costs for other things related to that car. And insurance we hope is one of them" said Rod Griffin with Experian.
Griffin added rates have increased more than 20% over the past year, leading many drivers to seek other options for car insurance.
"We hope there are more car sales. I think the car insurance rate cuts are longer term and probably won't go directly to car sales right away" Griffin added.
While it can work in your favor to stay with an insurance company, if you have a good driving record shopping around won't hurt. Experian has a tool that allows you to compare car insurance rates from 40 of the top insurance providers. You can check that tool here.
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