Auto Insurance Rates Have Gone Down... For Now

Auto Insurance Rates Have Gone Down... For Now

February 09, 2021
Share |

Auto insurance rates have gone down countrywide for the first time in over a decade, decreasing by 1.4% across the U.S. Over the last 10 years rates have risen 106% countrywide so the slight decline in premiums is welcome news for drivers, but in my opinion it won't last.

Why Have Rates Auto Insurance Rates Gone Down?

Due to the Covid19 pandemic there have been far fewer drivers on the road which clearly leads to fewer accidents and lower loss ratios for insurance companies.  As the country opens the economy more and more, this trend is sure to go the other way and we can expect to see rates tick back up.

In the meantime, we think its a great time to give us a call and let us quote your car insurance. At Morris Insurance Services our major auto insurance carriers have announced rate changes from 0% to a 4% decrease in 2021.These figures, of course, can vary based on each situation or rating territory.

Let Us Help You Get the Best Auto Insurance Rate

As independent insurance agents, we have the ability to run quotes with multiple carriers to find the best price and coverage for each situation. Since individual companies base their rates on their own loss  experience within a zip code or rating territory, allowing us to check your rate with multiple companies gives us the opportunity to find out which company fits you best.

We also firmly believe that if you are driving less during the pandemic, you should absolutely be taking advantage of telematics programs that carriers now have in order to track your total mileage and get a rate based on your actual driving habits. These programs track your mileage for a short period of time, but you stand to earn discounts that stay on your policy forever. So, even if you do start driving more down the road you will keep the "Covid discount" even after rates rebound.

Finally, as everyone knows, the US Mail has become a debacle and we are spending a lot of our time at the agency fielding calls about insureds payments not posting or bills not being received. The good news is, that along with lowering rates slightly, most of the auto insurance carriers that Morris Insurance represents have deepened their discounts for paying by methods that do not rely on the postal service. Most companies give a decent pay in full discount if you can afford to pay your auto insurance for six months or a year at a time. You can call our agency and give us your bank card or checking account information over the phone, get a discount and bypass the mail. If you can't pay your policy in full, the next best method is to pay by EFT so your payments come out of your bank account automatically each month. There is usually a discount for paying by EFT and once again you can avoid the problems with the mail. In addition to how you pay, most carriers are giving discounts for being paperless so that you receive your bills and policy documents by email. If you haven't already, please call us at 410-857-4550 or 410-355-1010 so we can walk you through getting set up to receive your bills through your email or online account.

Thanks everyone, be safe!

Check out the video below for more info!