SALT LAKE CITY — If I asked you to name the one thing that might have you rethinking making a summer road trip, do gas prices immediately come to your mind? Turns out, that’s the number one thing making people think twice about a long summer drive according to a new survey shared with the KSL Investigators by Experian.
But there is a more long-term cost that is now also impacting the decision for some: insurance.
“They have doubled the premium on me,” Trisha Madsen told us earlier this year.
The average auto insurance premium has climbed by more than 20% over the past five years. But for some, like Madsen, the increase has been a lot more.
“To double them is quite a deal!” she said.
Get Gephardt: Little-known insurance report where an error can cost you thousands in higher premiums
Now, Experian’s new data shows 71% of us are reconsidering our summer travel plans.
“Their road trips are being adjusted,” said Rod Griffin, Experian’s Senior Director of Public Education and Advocacy.
He said the rising costs of road-tripping has brought those spiking insurance premiums into focus for folks — whether it’s the fear of getting into an incident that requires an insurance claim or simply looking to lower insurance premiums to offset gas and other travel expenses hit by inflation.
“They’re telling us is they’re trying to find ways to save money this summer so that they can still have some road trip, but do so that it doesn’t break the bank,” Griffin said.
Though they may not seem related, improving your credit score can lower your auto insurance premiums. As can shopping around for an insurer offering a better rate. Experian recently launched a website aimed at helping consumers compare coverage and prices.
How you can lower your car insurance costs even as rates continue to climb