Is Inflation Putting a Damper on Your Summer Travel?

After two years of restrictions, summer road trips are top of mind for those looking to get out of town. With rising inflation showing no signs of braking, soaring automotive costs, including gas prices, repairs, rental cars, and auto insurance, are threatening to put a damper on summer fun. This is why many consumers are preparing their budgets now to find ways to save.

In a recent Experian survey, 76% of Americans say they are actively looking for ways to significantly trim expenses from their monthly budget. The same survey found that a third of Americans who have auto insurance feel their recurring bill hurts their wallet the most. And 28% who have auto insurance say it’s a recurring bill that they’ve had to decide between paying or not paying to avoid going without basic necessities such as shelter, food, electricity, and utilities.

Reports show that auto insurance rates are expected to continue to rise in 2022, meanwhile, gas prices are the most expensive they’ve ever been. It’s no surprise then that 34% of Americans say they’re cutting back on driving expenses to save money during the current period of inflation.

Proactively find ways to reduce costs allows consumers to get ahead of rising prices before they break the budget, and research shows that many consumers are already thinking about reaching out to their insurance provider to see if they can negotiate a cheaper price on their auto insurance. Seventy-eight percent of Americans who have auto insurance report they are likely to contact their auto insurance provider in order to negotiate a better rate within the next three months. Meanwhile, 24% say they are trying to save money by using online price comparison tools.

“Inflation is hitting many consumers’ budgets and we encourage Americans to explore how to find ways to save on recurring bills. Make sure to keep your credit score high to obtain the best rates and terms on credit, and utilize all the resources available. Consumers can access their Experian credit score and report online for free and try our auto insurance shopping service to compare rates,” says Rod Griffin, senior director of Public Education and Advocacy at Experian.

Experian’s service can take the hassle out of finding better car insurance rates for your same coverage. It delivers multiple, tailored rates from more than 40 leading and well-established auto insurance carriers to consumers, potentially saving them more than $900 per year. To learn more, visit http://www.experian.com/save.

As inflation continues to soar, finding ways to save money is becoming even more important. Reducing the cost of monthly expenses like auto insurance can go a long way in helping consumers keep more money in their pockets during their summer road trips and beyond.