How Inflation is Affecting Gas and Insurance (INFOGRAPHIC)

image_pdfimage_print

Brian Wallace, Founder & President, NowSourcing

Inflation is affecting all aspects of life in the United States, even gas prices and car insurance. With the country experiencing the largest two year increase in gas prices, drivers are looking for new ways to save money at the pump.

With the average car costing about $52 to fill this year, drivers are trying new strategies to keep their gas costs down. One of these strategies is using lower quality gas. While this low quality gas may save a few dollars at first, it can lead to more serious consequences later down the line such as powertrain damage, damage to the transmission, or even engine failure. A trip to the mechanic to fix those problems will lead to a much bigger bill than you’d find getting higher quality gas. 

If you think you are spending too much at the pump, there are some tips to follow to conserve the gas you already have. Try avoiding sudden stops and unnecessary braking. Keep a good distance between you and the car in front of you to avoid any short stops. Going over 50 mph can also lead to increased fuel consumption. Maintaining a lower driving speed is not only a safer way to drive, but can also save you from taking extra trips to the pump each week. These  small changes to the way you drive can increase your fuel economy by 40%. 

With gas prices increasing, insurance is also on the rise. Car insurance premiums have gone up by about 10% in the United States, and some of the largest auto insurers are filing for rate increases for this year. Safe driving tips like the ones mentioned above can help keep your insurance rates from rising too high, as many insurance providers offer safe driving discounts for their insured parties. 

Along with safe driving discounts, insurance providers offer multiple kinds of discounts for drivers. Drivers can even qualify for more than one discount at a time, and this can lead to a significant reduction in your monthly bill. If you think you are paying too much each month for your insurance, look into other providers and compare different quotes. Some providers may have different discounts you qualify for and can offer a better deal. Make sure to do your research so you know you are finding the right rate for you. 

Inflation is affecting gas and insurance rates in the United States, but there are things you can do to help. Reducing the amount of unnecessary driving in your day can keep your insurance  and gas consumption down, and so can safe driving habits. Learn more about what to do about rising gas and insurance prices in the infographic below:

 

the effect of inflation on gas and car insurance

 


Brian WallaceAbout the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on LinkedIn as well as Twitter.