We’ve heard from many of you about the increase in car insurance rates. So, NBC CT Investigates and NBC CT Responds teamed up to break down what’s going on and what you can do about it.
Click here to watch Chief Investigator Len Besthoff’s explain what’s behind the increase in cost.
According to recent research by Bankrate, the average cost of full coverage car insurance in the United States is about $2,300 a year.
Connecticut’s average is a bit more at nearly $2,500 a year.
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New York tops the list at $3,700 per year.
Bankrate says the cheapest average cost for consumers is in Idaho with an average rate of $1,300.
If you’ve seen your rate go up exponentially, make sure to shop around.
NBC CT Responds
The Connecticut Insurance Department encourages consumers to work with an independent agent to find a less expensive policy. Different insurers may offer more competitive, cheaper rates for the same coverage.
We asked an insurance trade association to explain how that’s even possible.
“Companies have different people they want to sell to. They figured out how to make money for themselves in specific areas,” said Don Griffin, the department vice president of policy, research and international of American Property Casualty Insurance Association.
“Some companies specialize in being able to write specific kinds of risks for auto insurance. There’s some companies that like higher value cars,” Griffin continues. “Although somebody else will say 'I don’t want those. I want the regular SUV.'"
The Insurance Association of Connecticut provided NBC CT Responds with tips for consumers to save money.
It suggests looking into bundling your auto and home insurance. Sometimes going paperless will help knock off some costs.
And consumers often forget, but your credit score plays a big role in your cost, as well as your driver history.
Drive safely and take advantage of any safe driver programs through the insurance program that may lower the cost. And if you do see yourself as a good driver, the Connecticut Insurance Industry Association says you could consider a higher deductible.
