As an insurance agent, I hear daily, why did my auto insurance go up? Another common question is, why is my friend is paying way less than me!? There are many different factors that can raise your insurance drastically up, or down.
What Your Insurance Score Says About You:
Everyone has what is called a Customer Rating Index. This is a score that insurance companies use to rate the amount of risk associated with a possible insured. The CRI is determined by credit and insurance claim history. Most of your local agents can see that a CRI affected your premium but can not see specific details like a credit score.
Did You Lose Something?
Double-check that you are getting all the discounts you qualify for and make sure you do what it takes to earn it. With the busy schedules you have, it is easy to forget to sign a form or create an account. We recommend asking your agent to help you with the required set up or sign the form as soon as you get it. This will ensure that you don’t miss out on a discount you were getting.
Everyone Has Accidents:
The biggest reason you will see a change is if you get in an at-fault accident, file multiple claims or tickets. Don’t get us wrong, YES you should use your insurance, that is what it is there for and most of the time the rate increase you have is less than what your claim payout was for. Make sure you talk with an insurance specialist before you file your claim as they can guide you to the best decision for you.
Overall Company Rate Changes:
I know, the answer you never want to hear… “the company just had a rate change”. However, sometimes that is just the cold, hard truth. We don’t control the rates and chances are, our insurance increased too. The economy is ever-changing, the statistics of accidents and crimes also ever-changing. Trust that we are doing all we can so that you receive the best rate without sacrificing your coverages.
Just like how you are unique, your auto insurance is also. That is why everyone has different rates and coverages. Overall, it is good to review your policies with an agent once a year to make sure there are no surprises
