7 Ways To Save Money on Car Insurance As Inflation Soars

As gas prices and insurance premiums go up, here are some steps you can take to lower your car insurance bill.

Insurance premiums are getting more expensive for consumers in 2022. Major car insurers started receiving approval for substantial rate increases at the close of last year, raising premiums anywhere from 3% to 12%, according to S&P Global Market Intelligence. 

Along with the continuous rise in prices for goods and services throughout the US, increased insurance costs are squeezing consumers, and wages aren't tending to keep up. 

Skyrocketing inflation is the primary reason for these rate hikes, driving up prices for goods and services across the US. Along with higher auto insurance rates, gas prices have also hit record highs, making driving more expensive.

Despite these rising costs, there are plenty of ways to keep more money in your pocket. Here's an overview of ways to mitigate increasing insurance costs. 

Increasing your deductible -- your out-of-pocket cost before your insurance will pick up the bill on a claim -- can lower your premium. 

This move might make sense if you aren't driving much right now, do not have a history of accidents on the road or if you need to reduce your monthly costs to stay insured. 

Doing this could cost you later if you're in an accident, though, as you'll have to dish out more money before your carrier covers damages. You should make sure you have enough money to pay the higher deductible if you do end up in an accident.

Older cars may not deserve the same insurance attention as your shiny new Tesla or all of the bells and whistles of a Mercedes-type policy. 

If your car is on its last go-round, you may want to cut out collision coverage or comprehensive coverage for that vehicle, both of which cover damages to your car.

Crypto has naturally gravitated to hubs like Singapore because of the lack of capital gains tax. Singapore is an island city with no natural resources, so in order to jumpstart its development as a hub it created a tax-friendly regime to encourage trade.

With no capital gains tax there’s no need to worry about the length of holding when experimenting with new protocols. You’re just able to trade.

Granted, Singapore has made some moves that would be considered "anti-crypto" but this still doesn’t mean the country should be considered crypto unfriendly.

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