CLEVELAND — Other than some cheaper gas, the pandemic hasn't impacted the cost of driving all that much. In fact, when it comes to insurance premiums, the price may be going up.
A new study by Insurify looked at more than 25 million car insurance premiums.
Back when the pandemic started, Insurify says about 60 percent of insurance companies offered some sort of relief to drivers., usually discounts or credits ranging from 10 to 30%
But many companies have put the brakes on discounts since May.
There's a number of factors that determine your car insurance rate, like location, vehicle and driving record.
Here in the Buckeye State, drivers in Toledo are most likely to pay the most — about $1,200 a year.
Meanwhile, Lorain drivers are most likely to see the lowest annual cost at $900 a year.
"Prices have been going up year over year for quite some time now,” said Kacie Saxer-Taulbee, an insurance expert with Insurify. “That's just kind of a general trend we've come to expect. And really the question would be, has 2020 changed this trend? And so far, it doesn't look like insurance providers are indicating that the trend is going to discontinue. It looks like they will continue to raise rates and not adjust in the face of less driving and less claims.”
So what can you do to save money? Experts suggest shopping around, maybe going to a mileage-based policy, or if you're a multi-car family and can get by with just one vehicle, putting one of them in storage and switching to a storage policy for that car. It can save you 80% of your premium on that vehicle.
