While many Americans are planning to travel and take a road trip this summer, inflation and high costs on essentials may put a damper on their fun in the sun. This, according to an update from Experian.
Experian notes in a blog post that some expenses like gas have cooled, but others “have increased, with automotive insurance leading the way climbing more than 20 percent in the last year.”
To help consumers with their overall financial health, Experian offers free cost-cutting tools including the Experian insurance marketplace “that could save consumers more than $1,100 on an auto and home insurance policy bundle, or more than $800 on an automotive insurance policy alone.”
An Experian survey shows that 71 percent of consumers “surveyed feel inflation has impacted their road trip plans while a majority of respondents believe gas and accommodations will be their biggest costs.”
Those surveyed plan to “spend an average of $1,000 on their road trip.”
Rod Griffin, senior director of Public Education and Advocacy for Experian:
“There are many expenses to consider when planning a vacation and every penny counts. We want to help consumers achieve their financial goals whether it’s managing debt, increasing their FICO® Score, or saving money for that dream vacation.”
A major car expense to keep in mind “is auto insurance, and consumers should make sure they have the right insurance for their travels and for the long-term.”
In fact, 3 out of 4 consumers surveyed “by Experian are worried about insurance rates increasing in the next 12 months while almost a third of respondents plan on switching carriers in the next six months.”
Among survey respondents who are “currently shopping for auto insurance, 14 percent reside in Texas and 11 percent are in Florida.”
Consumers don’t need to leave money in the rearview mirror.
They can sit back and let Experian look “for ways to find cost savings as well as get access to other resources to improve their financial health with an Experian membership.”
A few of these strategies include:
- Shopping around for auto insurance: Experian’s insurance marketplace takes the time and hassle out of car insurance shopping and can potentially find a better rate on consumers’ current policy in minutes. Experian’s free service delivers multiple rates from up to 40 top providers, allowing consumers to quickly and easily find auto insurance that meets their needs while helping them save money.
- Tapping into travel reward points: Consumers looking for a credit card with certain terms and benefits, like cash back offers or travel rewards, can find the right card with Experian’s free credit card marketplace.
The marketplace leverages a “consumer’s financial information against lenders’ requirements to present tailored offers.”
As covered, Experian is a global data and technology company, “powering opportunities for people and businesses around the world.”
They help to redefine lending practices, “uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software.”
