How can you keep your auto insurance rates from climbing [Video]

Auto insurance rates have climbed more than 20 percent in the past year, according to government data.

That has many people wondering what they can do to bring their payments down or at least keep them from going higher.

Scott Sherman, Financial Education Manager at Mountain America Credit Union, joined us with advice on shopping for auto insurance.

He says there are a lot of factors that go into setting insurance premiums which include the type of vehicle, driving record, even credit scores.

Insurance companies are also accounting for inflation in the cost of vehicles and repair.

Homeowner insurance is also going up for some people.

But, Sherman advises against cutting back on insurance to save money.

He says, “Perhaps the best way for people to think about insurance is this: There are certain risks we all face that something unfortunate could happen. Insurance allows us to transfer the cost of those risks from ourselves to the insurance company …