Auto insurance and maintenance costs are on the rise, with US President Donald Trump's proposed tariffs expected to increase costs further. American Property Casualty Insurance Association vice president Bob Passmore joins Wealth with Brad Smith to share tips for finding the best auto insurance rate.
"The best thing to do is shop around," Passmore says, adding, "Every company has its own way of setting its prices and its strategy for competing with other carriers. So, the best way to find the best deal is to go out and look for it."
He notes that best practice is to do this every couple of years, "particularly when you've had something change, like you're adding a vehicle to your policy or you got married or and this might seem counterintuitive when you're adding a teen driver to the policy."
"Finally, take a look at usage-based insurance or a telematics auto policy," Passmore says, adding, "Most insurers have some kind of a program where you can either use a cell phone app or a device that plugs into your car, and it tracks how you drive. Usually, you get a discount just for signing up, and you can earn a higher discount based on how you drive."
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This post was written by Naomi Buchanan.