KNOXVILLE, Tenn. (WVLT) – Year over year, auto insurance prices are up 12%, according to the Consumer Price Index.
Neil Schmitt, an agent with State Farm Insurance in Knoxville, said delayed claims don’t help you.
“We’re seeing a tremendous increase in claims costs,” Schmitt said. “The longer it takes to settle a claim, the longer a claims adjuster is involved with it, the storage costs, getting the parts in, that’s going to drive up the prices.”
In 2022 alone, productivity fell to the lowest rate on record since 1947, according to data from the Bureau of Labor Statistics. The decline affects all sectors of the workforce, including body shops.
According to Schmitt, you can reduce your car insurance rates by disclosing the hours you use your vehicle to your insurance provider, removing discrepancies from your driving history and making adjustments to your policy.
“Sometimes there are mistakes on your record. You have a teenage son — it was on your car that was never dropped off, and he moved out of the household,” Schmitt said.
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