By Mario Santiago CPA, CFP®*

Auto and homeowner insurance premiums are rising much faster than the inflation rate, squeezing doctors’ budgets. While there are several factors driving these exorbitant premium hikes, below are six practical strategies we give our tax and business planning clients to keep premiums under control.

Reasons Behind Surging Insurance Costs

Multiple factors are contributing to the staggering increase in auto insurance premiums, including a surge in aggressive driving and related accidents following the pandemic, a whopping 34% increase in auto thefts, rising costs of auto repairs due to advanced technological and safety improvements, larger medical bills, the growing cost of settling lawsuits related to auto injuries and fatalities, and the increase in autos damaged and totaled due to natural disasters, causing auto insurers to suffer big losses. Doctors are feeling the repercussions with auto insurance rates skyrocketing 43% since 2022.