According to recent reports, motorists have experienced a decrease in fuel prices leading up to the start of the summer driving season. The national average for a gallon of gas has dropped to $3.64, down three cents from the previous week. This decrease can be attributed to falling oil prices and stable demand for gas. AAA predicts that pump prices may continue to decline in the lead-up to Memorial Day weekend, traditionally the official start of the summer driving season. This news provides some much-needed relief for motorists dealing with rising costs across various sectors of the economy.
However, car insurance costs are also on the rise, with drivers paying an average of $1,841 per year to insure their vehicles in 2023 – a 5% increase from the previous year. This follows a 15% surge in costs between 2022 and 2023. The trend is set to continue into 2024, according to industry reports. Higher auto claim losses and expenses have contributed significantly to these increases, with repair costs for cars and trucks jumping by almost 40% over the past five years. Car thefts and the increasing complexity of modern automotive technology have also played a part.
One way to mitigate these rising costs is by shopping around for cheaper auto insurance providers. Visiting Credible allows drivers to compare quotes from various companies without negatively impacting their credit scores. Additionally, taking proactive steps such as reducing unnecessary coverage or bundling policies with the same company can help lower monthly premiums. By being diligent about managing their auto insurance costs, drivers can better manage their overall automotive expenses.
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