In these trying economic times when practically everything costs more than it did a year ago, many of us are looking for ways to trim our spending by eliminating goods and services that we feel aren’t required at this time. There isn’t a lot we can do about the costs at the grocery store and at the gas station, so we typically look to other areas.
Some may be tempted to cut back on their insurance programs as a result, feeling it is an unnecessary intangible expense. However, we urge our clients to resist that temptation, as proper insurance coverage is as important now as it has ever been.
Consider the following:
The cost of building materials has increased close to 30% since January 2020.
The average price of used cars is over 40% higher than they were last year.
It is taking much longer than usual for auto dealerships and repair centers to get replacement parts, so clients involved in auto accidents need rental cars for periods of time that are longer than usual.
Reducing or eliminating insurance coverage may end up potentially costing you more in the long run should you have a claim. Click here to learn more about current trends affecting insurance.
The Uhl Agency is an independent insurance agency that represents multiple insurance companies, so if you would like to speak to your agent or account manager to ensure your personal insurance program is the right fit for you and your budget, please email us or give us a call at 937-434-9090.