Educating Car Buyers to Defuse Insurance Pricing Qualms
F&I managers and sales staff aware of shoppers' misconceptions about rising auto insurance rates may overcome buying objections and save sales or lease opportunities. As we previously reported, the JD Power 2022 US Auto Insurance Study notes serious collisions, higher used-car prices and rising repair costs have led auto insurers to raise rates. Those increases, which Forbes reports average 4.9% across the US, have surprised some shoppers and potentially squelched some auto sales. “As we know, setting insurance rates is complicated,” insurance expert Michelle Megna, Forbes Advisor, tells Wards. “The cost of repairs and the cost of cars are now much higher than in the past. A fender-bender can result in thousands of dollars in repairs.” The type of car, the buyer's driving record and the mileage driven per year…