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New study shows car insurance premiums going up

Posted at 9:28 AM, Oct 30, 2020
and last updated 2020-10-30 09:28:27-04

CLEVELAND — Other than cheaper prices at the gas pump, the coronavirus pandemic hasn’t impacted the cost of driving all that much.

In fact, when it comes to car insurance premiums, the price may be going up.

A new study by Insurify looked at more than 25 million car insurance premiums.

When the pandemic first started, Insurify said about 60% of insurance companies offered some sort of relief to drivers, usually discounts or credits ranging from 10 to 30%.

Many companies have put the brakes on discounts since May. There’s a number of factors that determine your car insurance rate such as location, vehicle and driving record.

In Ohio, drivers in Toledo are most likely to pay the most at $1,200 a year.

Meanwhile, in Lorain, drivers are most likely to see the lowest annual cost at about $900.

“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.

Experts suggest going to a mileage-based policy to save money 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 the car can save you 80% of your premium on that vehicle.

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