BEWARE: Higher Auto Insurance Rates Are Coming For Many Texans

It's not just the final total on that grocery store receipt that folks in Longview, Dallas, and Houston are talking about. It's not the price of a gallon of gas or how much you're paying at the drive-thru in Tyler, Austin, and Ft. Worth. Texans are also talking about the price of auto insurance.

Yes, when it comes time to renew your auto insurance there is going to be a hefty jump in the premium you're paying for coverage. If you haven't experienced it already, you will soon. According to S&P Global Market Intelligence, Texas drivers saw their premiums go up by as much as 46% in 2023 as compared to what they were paying for the same coverage in 2018. This is the highest increase anywhere in the U.S.

What's causing Texas insurance rates to skyrocket?

• Texas has more fatal crashes involving alcohol
• Texas drivers and passengers are not complying with seatbelt laws
• Texas has more speed-related crashes
• Texas has millions of uninsured drivers
• Automobile thefts

When it comes to renewing that policy there are things you can do:

• Shop around - not all insurance companies are the same. When shopping make sure you're comparing the same amount of elected coverage from company to company to see a fair comparison
• Being married or having children could save you money because you appear more stable, concerned, and cautious while driving (Liberty Mutual)
• Raising the value of your deductible
• Sign up for their new driver safety program - but this requires monitoring of your driving habits

WFAA's Jason Wheeler gives us an interesting look at Texas auto insurance rates and how they compare to other states.

When my auto insurance renewal arrives my wife is diligent and shops around for the best price for the same amount of coverage. Doing this can save you hundreds if not thousands of dollars each year. During our most recent renewal, she shopped with another insurance agent using the same insurance company and was able to keep our level of coverage while lowering our monthly premiums substantially.

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Doing a little work and searching could save you a lot. That line sounds awfully similar to the tagline of an auto insurance company!

Drive safe and let's hope your rates reflect that.