COLUMBUS, Ohio — Megan Brooks with Comparion Insurance said car insurance rates have increased by nearly 20% just within the past year.
A big reason for that has to do with the market being very unstable, and many insurance carriers are overcorrecting for rates that were cheaper over the past decade.
Brooke says if you're concerned about your rates going up, there are steps you can take.
"Step one is to talk to your agent. See what alternatives they have. If they're an independent agent, they have other choices; they don't write with just one carrier. But it could be as simple as going to a higher deductible. Think of your healthcare deductible. If you go up a little higher, you save premium" said Brooks.
Distracted driving accidents and car repair expenses are also beginning to contribute to rising rates.
"The cost to repair vehicles today versus five years ago is probably up 40%," said Brooks.
Brooks added if you've been with a certain company for a long time and have a good driving record, your rates are more likely to stay stable.