Antonette Consalvi

Over 40 years ago, I began my career with State Farm during a recession marked by high unemployment, inflation, and economic uncertainty. I felt fortunate to secure a temporary position and have since embraced numerous opportunities for growth and learning. Today, I leverage my experience to help solidify their financial security through insurance. Economic cycles occur, and while we will navigate this one together, it’s an excellent time to reassess your personal situation and position yourself effectively. Taking control and making informed decisions will guide you through these times.

Impact of Tariffs on Steel and Aluminum

How will the Auto Industry be Affected?

• The average price of a $25,000 car is projected to increase by $6,250.

• Supply chain disruptions for car components may reach 30%.

• Labor shortages will likely escalate costs.

How will this impact my Auto Insurance? Insights from the pandemic suggest your insurance costs will rise.

What Can You Do Now?

• Consider Buying a Car Now: If you need to return to the office, identify a couple of cars you’re interested in and shop for insurance. If your car is getting older and you were thinking of buying a car, shop now. Add at least 10% and see if it fits your budget. Remember, car payments are fixed, but insurance costs fluctuate based on various factors, including unemployment and late payments.

• Evaluate Your Current Car: Have a trusted mechanic assess your vehicle. With repair costs expected to rise, consider budgeting for necessary repairs now. If you have savings earmarked for car repairs, you can avoid high credit card interest.

• Shop Your Auto Insurance: Utilize the Illinois Department of Insurance Shopping Guide. It gives unbiased information about the things that affect your insurance costs.

• Consider Self-Insurance: Where it makes sense, opt for higher deductibles or eliminate comprehensive and collision coverage, as well as rental car and supplemental insurance, to reduce costs. However, always get a quote first; savings may be minimal for older cars that aren’t driven often.

• Take Action: Remember, no decision is a decision. Don’t shy away from seeking information, even if it’s uncomfortable. While I may not always be able to earn your business, my team and I are here to provide the information you need to make informed decisions.