INDIANAPOLIS — August's car insurance prices are up almost 20% from the same time last year.
Jen Collier, a flight attendant, said her premium is going from $80 to $95 next month.
"I will be shopping for insurance," Collier said, "no speeding tickets, no car accidents."
Car insurance prices are up for a few reasons. Pat Schaefer, with Gregory & Appel, said one of them is repair costs.
"The sensors in the bumper, the backup cameras are very expensive to replace," Schaefer said.
Some motor companies are also still experiencing supply chain issues.
Schaefer added that weather also plays a role.
"Natural disasters — flood, hurricanes, hail in the Midwest," Schaefer said.
To save money, shop around your policy.
Ask each company if they offer a discount for:
- Your occupation
- Taking an online defensive driving course
- Paying all of the premium upfront
Your employer might also offer a discount through certain companies.
Last, but not least, make sure your information is up to date. A change in your ZIP code or a kid off to college could mean a change in price.
"If we can get it between 3% and 5% of what you paid last year, I consider that a win," Schaefer said.
Some companies might also offer a discount for your driving telematics. The information it gathers can range from speed to hard brakes.
If two companies are the same price, look up their finances on the National Association of Insurance Commissioners.
You can search for the insurance company by name or NAIC code, an identification number. An NAIC spokesperson said some "think twice" signs to look for include a sudden jump or drop in sales, accompanied by a jump in complaints.
The complaint code "will give the consumer information about what other consumers are complaining about."
They added, "if consumer complaints are high — compared to other companies with a complaint code of claims delay or nonpayment — it tells the consumer this may not be the company for them if prompt payment is important."
To gauge the number of complaints, look to the complaint index levels.
"A company that has a green dot on the index line graph has a complaint index (indicating less than 1.0) that is better than the median company’s index. However, a company that has a red dot (indicating more than 1.0) has a complaint index that is worse than the median company’s index."