SALT LAKE CITY — If I asked you to name the one thing that might make you hesitate to take a road trip this summer, would the price of gas immediately come to mind? Turns out, it’s the number one reason people are thinking twice about taking a long road trip this summer, according to a new survey shared with KSL investigators by Experian.
But there is a longer-term cost that is now also impacting some people’s decision: insurance.
“They doubled my bonus,” Trisha Madsen told us earlier this year.
The average car insurance premium has increased by more than 20% over the past five years. But for some, like Madsen, the increase has been much greater.
“It’s a big deal to double them!” she said.
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Today, new data from Experian shows that 71% of us are reconsidering our summer travel plans.
“Their car trips are being adjusted,” said Rod Griffin, Experian’s senior director of public education and advocacy.
He said the rising costs of car travel had highlighted the rising insurance premiums for people – whether it was the fear of being involved in an incident requiring an insurance claim or simply seeking a reduction in insurance premiums to offset petrol and other travel costs hit by inflation.
“They’re telling us they’re trying to find ways to save money this summer so they can still take road trips, but without breaking the bank,” Griffin said.
While these two factors may not seem related, improving your credit score can lower your car insurance premiums. So can comparing rates between insurance companies. Experian recently launched a website designed to help consumers compare coverage and prices.
How to Lower Your Car Insurance Costs Even as Rates Continue to Rise
