How to Drive Down Inflating Car Costs

Owning a car in America is expensive right now, even if you bought it years ago. Prices at the pump are the highest they’ve been in several years, averaging $4.29 in March 2022. It now costs over $50 to fill the average car. 43% of Americans think rising gas prices are their biggest concern of the year. 

Less obvious to most Americans are the increases in car insurance costs. Premiums for car insurance in the US have increased from 5% to 15%, costing consumers $138 per month. The largest insurers in the country are filing for rate increases in 2022, citing issues with higher medical costs, increased car prices, and supply chain disruptions. What do all these problems have in common with each other? Inflation.

Inflation is hitting vehicle owners hard. How can Americans disinflate their car costs? The first step is to safely maximize your gas mileage. Brake slower. Avoid idling in traffic or at drive-thrus. Drive at slower speeds where permissible. The next step is to simply drive less. Driving 10% less saves $275 every year through reduced insurance rates and less gas consumed. Finally, take advantage of insurance discounts like the ones offered for safe drivers.

the effect of inflation on gas and car insurance

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