Money Smarts Blog

Many of you have noticed your insurance rates going up or have heard from family or friends that their rates have gone up - to a tune of more than 17% over the last year, according to the U.S. Bureau of Labor Statistics.

What gives?

Inflation ... you're seeing it everywhere. Price increases on gas, food, and get this - the average price of a used car is up 44% from five years ago according to the consumer price index. 

Not only that, but the pandemic aftermath is also causing rates to go up. Why? After people started going back to work there was a significant increase in car accidents according to The National Highway Traffic Safety Administration. Oh, and let's not forget the nine climate-related events this year resulting in over $1 billion in damage.

All these things (and more) are creating a perfect storm for insurance companies and the escalation of rates.

We want to help.

Here are a few pointers:

• Read your policies. It's important to understand the extent of your protection, especially now.
• Consider a higher deductible. Higher deductibles will bring your monthly costs down. But it's important to weigh the pros and cons first.
• Reach out to us. If you've seen a rate increase of more than 15%, please get in touch with us. We have agents in place specifically to help our clients with these rate increases.

Remember, you're not alone!

These increases are affecting everyone. If you hear of family or friends adversely effected by rate increases - IHMVCU member or not - have them, give us a call at 309-797-5605 or email.