Henrich Insurance Group

Insurance Policy PaperworkInsurance companies periodically have to raise the costs of their plans. From 2015 to 2016, national car insurance rates rose more than five percent. Texas drivers, like those in other states, saw these rate increases at varying degrees.

A variety of factors influence how car insurance rates fluctuate. Nonetheless, there are ways that you can combat rate increases. Examining your insurance policy can help you pinpoint ways to minimize price increases.

Why Are Insurance Rates Increasing?


Like most prices, insurance rates fluctuate based on the market. Inflation and other market values affect prices. However, other factors drive up the cost of insurance.

Every day, more and more people hit the road in Texas. In 2015, more than 100,000 people relocated to the state, according to CultureMap Dallas.

More usage of the roads means that you face higher risks when you drive. Insurance companies assume a greater risk by insuring a larger number of drivers. Larger risk pools mean insurance companies may have to raise prices to maintain solvency.

Saving On Car Insurance Rates


Nevertheless, you can save money on your car insurance rates, even as they increase. Pay special attention to your policy. Also remember to always do your homework.

1. Compare Insurance Plans

Sometimes, insurance companies discount prices if you carry policies with them year over year. However, this isn't always the case. When you start to search for a policy, it may be time to look for a new carrier if the price is not right.

Talk to your insurance agent. He or she can often compare prices for major insurance companies. By doing so, you can get the coverage you need, while also maximizing cost savings and discounts.

2. Consider Available Discounts and Bundles

Many insurance companies offer insurance discounts for loyal customers or safe drivers. You may qualify for cost saving, such as:
  • Accident-free discounts
  • Military discounts
  • Student discounts
  • Early renewal discounts
Furthermore, bundling insurance policies might be a good way to save money. You can often get discounts by buying different policies from the same company. Ask your agent about discount options.

3. Adjust Your Coverage

Adjusting your insurance levels might help you save money. Make sure you buy a policy that covers your needs, but that doesn't over-insure you.

Furthermore, consider increasing your deductible. The deductible is the price you have to pay for car repairs before your insurance will provide a payout. If you increase this deductible, it makes you slightly less of a financial risk to an insurer. The insurer might discount your coverage.

Always remember that safety is your best ally when guarding auto insurance prices. Be a safe driver, and take care of your car. Doing so can help you keep prices low. It may even qualify you for discounts.

HIG – Henrich Insurance Group can help you get a policy that meets your needs. Call us at (713) 349-0400 for a free Houston car insurance quote.
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