Arkansas Auto Rate Changes

Arkansas Auto Rate Changes
arkansas auto rate changes dye to inflation in the usa
Arkansas Auto Rate Changes

Effective April 15th, 2022 Progressive Insurance is adjusting their auto insurance rates in Arkansas.

Arkansas Auto Rate Changes

Arkansas Auto Rate Changes have been a topic of significant discussion in recent months. With the evolving landscape of the insurance industry, monitoring Arkansas Auto Rate Changes has become crucial for both insurers and policyholders. Understanding the implications of these rate changes allows individuals to make informed decisions about their auto insurance coverage.

Staying up-to-date on Arkansas Auto Rate Changes can help individuals ensure they are receiving the most competitive rates and optimal coverage for their vehicles. Whether you’re a driver in Arkansas or an industry professional, staying informed about Arkansas Auto Rate Changes is essential for navigating the ever-changing insurance market.

Why? With the outbreak of the pandemic in 2020, there were fewer drivers on the road, and claims were at an all-time low.

However, driving frequency has crept back up to normal levels, perhaps even higher than what it was before the pandemic hit. In order to cover recent loss trends and higher associated claims costs, this change was deemed necessary.

Unfortunately, inflation has affected every industry, but especially the automobile industry, resulting in not only Arkansas auto rate changes, but changes across the country. The cost of parts and to repair one’s vehicle have skyrocketed, which has led to a short supply of parts, labor, and cars. With the cost of everything going up, Insurance companies must now adjust their premiums as well. There are still things drivers can do to help keep their rates affordable with the Arkansas Auto Rate Changes.

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How to keep your Insurance prices affordable with the Arkansas Auto Rate Changes

While overall rates may be increasing, partially due to inflation, individual rate changes will vary depending on a number of factors. If you are affected by these Arkansas auto rate changes, there are still ways that our agents can get you the coverage you need, without breaking the bank.

Higher Deductibles – The higher the deductible, generally the lower cost for insurance premiums. Consider choosing a $1000 deductible instead of $500, or $250 to help save money. Check with your local agent to see the price different for each deductible.

Adjust Current Coverages – Are you paying for full coverage on an older vehicle? Typically, once a vehicle hits 10 years of age, drivers will drop full coverage and carry Liability only. The cost to insure an older vehicle for full coverage may be more than the value of the vehicle itself. Are you paying for coverages you do not use? Consider looking over your Auto policy to see if there are any coverages you can go without to help lower your premium with the new Arkansas Auto Rate Changes.

SnapShot Program– Snapshot is offered to new and existing customers, and provides customers with a personalized rate. Customers will immediately earn 10% off of their premium, and could earn up to 30% off their renewal based on safe driving habits.

SnapShot is available by App, or Plug in Device that is sent to you in the mail, which would simply be installed in your vehicle. SnapShot looks for things like hard braking, fast acceleration, hand held usage of your cellphone, and driving late. If you live in a busy city where there is a lot of ‘stop and go’, Snapshot may not be the best option, as it could end up lowering your overall score. Once you’ve completed your Snapshot term, you will see your personalized rate on the renewal term, either 6 months or a year depending on the length of term chosen.

If you’re interested in which discounts you may qualify for, check with your local agent to go over your auto policy to see if there may be additional savings you qualify for. Some major discounts may include, homeowners discount, multiple insurance policy discount (bundling), marital status, length of ownership of the vehicle, paperless, auto pay and many more.

Arkansas Auto Rate Changes
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Last Updated on by Camron Moss

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