MEMPHIS, Tenn. — In 2024, saving any money is a step in the right direction, especially when it comes to your insurance.
“Along with everything else that has gone up, car insurance has also gone up,” said Vickie Johnson, who lives in Memphis.
According to a study by the company A Plus Insurance, repairing your entire car after an accident can cost you between $1,500 and $9,000.
Here’s how the individual costs break down according to the study:
- Rear car bumpers average between $325 to $1,800, same for the front bumper
- Windshields average between $275 and $1,200
- Damage to a car door averages from $75 to $1,200
- Car paint job costs average from $500 to $3,000
All of these costs come before any medical bills, which could all come out of your pocket if the other driver is not insured. Nearly 21% of drivers in Tennessee are uninsured. Mississippi sits at 22%, and both sit in the top 10 among states.
An ABC Analysis of consumer price data from the Bureau of Labor Statistics found car insurance rose more than 35% since January 2020.
“It’s still costly, even for the ones who can barely afford it,” Johnson said.
But ABC24 wants to save you money. Dale Porfilio with the Insurance Information Institute told ABC24 that uninsured motorist insurance can help cover some of the cost. This type of insurance is not required in states like Tennessee, so it's best to check with your provider to see if you are already covered. However, since one in five motorists are uninsured, this is going to cost people in Tennessee and Mississippi more for the same compared to other states.
“Folks in Memphis and Tennessee are probably paying more than $93 on average,” said Porfilio. “For some people, $93 is no big deal. For some people, that is a big deal.”
The chief insurance officer tells ABC24 that a big part of cutting down costs will come down to reducing your premium. A good place to start is changing your driving habits and see if your insurance provider has rewards for safe driving.
“If we can be a safer driver and share that information with insurance companies, they can reward you with lower premiums,” Porfilio said.