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- #1 mistake car buyers make (1 23 24)
#1 mistake car buyers make (1 23 24)
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Auto insurance price hikes have reached a new, unfortunate milestone. Later in this email, find out what you can do to lessen the sting.
💵 Today’s Top Stories
 | Don’t let a slick car salesperson stick you with a long loan payoff by getting you to agree to an affordable monthly payment via the “Four Square” method. Read more. |
 | U.S. News & World Report ranked cruises based on health ratings, reputation and affordability. Here are the winners. Read more. |
Sponsor | It’s simple to select and fund savings products offering top national rates — as high as 5.32% APY. You can get started in minutes and start earning more on your hard-earned savings. |
 | Sending checks in the mail is outdated. But not all of the newer methods are safe. Here are the Clark-approved ways to send money – and ones he never, ever wants you to touch. Read more. |
 | We’ve compiled years of money-saving strategies into one article. We’ll help you save on your internet, cell phone and streaming bills among other things. Read more. |
🚗 Auto Insurance Prices Continue To Accelerate
Auto insurance premiums soaring is no longer a new or unknown idea. Clark has consistently talked about the phenomenon, and why it’s happening, for about one year.
Still, it’s jarring to see that vehicle premiums went up 20.3% year over year in December – the largest increase since December 1976.
In other words, it seems that price hikes are only accelerating.
Some of the reasons, which you’ve probably heard Clark discuss:
Vehicle prices are up significantly in recent years.
Labor and parts repair are more expensive as well.
Natural disaster risk has increased (and strained insurers who offer multiple policy types).
The average annual rate to insure a vehicle is now about $2,000. That’s more than 2.5% of the median household income.
It’s such a problem that it’s now accounting for an outsized portion of overall inflation.
Clark says you need to re-shop your auto insurance if you haven’t already done so. The increases vary wildly by company. You should raise your deductible as high as you are allowed to (and as high as you can reasonably afford).
📊 Stat of the Day
🖥️ 19.6%: The percentage of office space in major cities that sat empty in Q4, the highest-ever number in the Moody’s Analytics database that started in 1979.
💰️ Deal Alert: Today’s Top Deals
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🎙️ Podcast
A recent report compared the prices at Amazon and Walmart. Clark has long preferred shopping at Walmart, but this data made him do a double-take. Also, the insurance industry (home and auto) has become a nearly impossible marketplace to find affordable coverage. Clark explains what’s going on and how you can save money.
☎️ Need Money Help?
The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.
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