PR Newswire
LOS ANGELES, March 29, 2024
Reevaluating Monthly Expenses like Insurance is Crucial to Savings
LOS ANGELES, March 29, 2024 /PRNewswire/ -- Finances are consistently a top concern for many Americans, with "saving money" among the top 10 most common New Year's resolutions. This year, Americans are more concerned than ever due to the uncertainty created by high inflation, rising interest rates, lack of income growth and dwindling savings. According to investment research site YCharts, the U.S. personal savings rate for January 2024 was 3.8% versus 19.3% in January 2021, a 15.5% drop in just three years.
The economy and job markets remain in a state of constant flux, which is causing many families to worry about their ability to pay an unexpected bill, continue to pay off student loans, mortgages or credit card debt, or save money for the future.
"Saving money is more than just putting spare change into a coffee can, or simply ordering takeout less often," said Sam Jarman, Financial Expert and Mercury Content Partner. "Sure, those things can add up over time, but people may find that their greatest savings can come from taking a look at the necessary expenses they pay for every month, such as insurance."
Jarman recommends these four tips to help protect your finances in the coming year:
"Often, regional insurers like Mercury Insurance are more attuned to their policyholders' needs and can offer better rates," Jarman added. "For example, the California Department of Insurance found that Mercury auto insurance policyholders save an average of $1008, which can go a long way in feeling more secure in your savings."
The most effective way to make sure your finances are minimally impacted by insurance costs in 2024 is to speak to an independent insurance agent. They can help make sure you have the proper amount and type of coverage to keep yourself, your family and property protected.
About Mercury Insurance
Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier predominantly offering personal auto, homeowners and renters insurance through a network of independent agents in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury writes other lines of insurance in various states, including commercial, business owners and business auto, landlord, home-sharing, ride-hailing and mechanical protection insurance.
Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultra-competitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.
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SOURCE Mercury Insurance
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