Hey fellow Savers and Spenders—this is infuriating! It’s darn right (old-timer PG version) discouraging that our rates keep going up. And after huge rate hikes last year, it happened again this year.

But don’t give up! Here’s what I’ve learned.

👉"Hard markets" occur every so often and are cyclical. We are in one in CO (and probably where you are) due to the frequency and severity of hail storms. Not to mention wild fires.

👉Insurance companies operate on a profit margin. Your rates go up so they can maintain these profits. But there is a cap.

👉A large portion of insurance companies have their assets invested in bonds. And as we know, the bond market has suffered in the past.

👉Although the increased rates will probably be baked in (just as inflation is), the measure of rate increases should settle down, if we can ride this out!

Here’s what you can try.

☑️ Have a broker shop around for you. It costs you nothing. And they can check on rates from multiple carriers. If you’ve already tried that…

☑️ Go directly to insurance service companies, ones the brokers can’t quote.

☑️ If you have a healthy emergency fund, then you can consider raising your deductible on your auto insurance policy for potential savings. A $500 deductible is pretty standard, but many companies offer a $1000 or even a $2000 or $2500 option.

☑️ Be sure you’re not paying for extra bells and whistles on your policy that you don’t need.

This can help too.

If you’ve exhausted all options, there are other expense areas where you could potentially save. (And look for these anyway!)

☑️ What are you spending on that you might be able to find elsewhere (or replace with something else) that costs less?

☑️ What spending can you cut without feeling it TOO much. Keep your “needs” and “loves,” and cut mercilessly on the rest.

Mindful Spending Program

If you’d like guidance on developing healthier spending habits and finding ways to save on expenses, consider our upcoming Mindful Spending program, starting mid-October.

This is a 6-week live coaching program with a great community to share ideas with.

Limited to 8 seats to keep the group small and interactive.