Why Does My Insurance Go Up? 3 Reasons Your Auto Insurance Rates May Increase
Ever have a great driving year? No tickets, no wrecks, nothing, and then you see that your auto insurance has gone up? That can be frustrating and confusing. Here are some reasons why your insurance will go up, and sometimes even when you have had a perfect driving record.
Why Does My Insurance Go Up? 3 Reasons Your Auto Insurance Rates May Increase
Ever have a great driving year? No tickets, no wrecks, nothing, and then you see that your auto insurance has gone up? That can be frustrating and confusing. Here are some reasons why your insurance will go up, and sometimes even when you have had a perfect driving record.
Violations, whether major or minor will impact your insurance rates. There are major, minor, and non-moving violations. Depending on which one, can have different effects on you and your rates. For instance, some of the major violations can last on your record and stay impacting you for 10 years. So, when receiving an auto quote, you will be asked if you know of any violations within the past 3-5 years.
Speeding tickets
Other moving violations like defective equipment
Accidents (At Fault and Not At Fault)
Comprehensive or Collision Claims
Everyone should try their best to drive safely and keep these violations in mind and know that some of them can really impact you in many ways than just your auto insurance rates. If you keep a great record, your auto insurance company will reward you for it! Below is the average cost of insurance with violations.
Company
Average Cost
Bristol West
$156
GAINSCO
$157
The General
$157
21st Century
$160
Dairyland
$166
Progressive Insurance
$166
Geico
$167
Why Does My Insurance Go Up?
Better Credit – A Better Rate
Credit impacts insurance premiums. The better credit a customer has, the cheaper the insurance premium will be. Studies have even shown that customers with poor credit sometimes pay 91% more in insurance compared to customers with healthy credit. Not every aspect of your credit report is useful for getting a quote. Certain details are compiled and then calculated together into a credit-based insurance score. Unfortunately, these scores are not made available to the general public. Some factors could be your payment history, your debt ratio, your long credit history, no late payments, and low credit usage. Below is the average cost for liability insurance for a customer with Bad Credit.
Company
Average Cost
21st Century
$154
Acceptance RTR
$156
Dairyland
$158
Bristol West
$162
AssuranceAmerica
$170
The General
$176
Carriers
OtherRating Factors
Age is a major impact on the insurance rate. Depending on driving history, vehicle type, and other factors it is a possibility that rates decrease at the age of 25. Marital Status and Gender can have an impact on your insurance rates. Most statistics show that a married man will drive safer on the road than a single man. There are other rating factors are used to determine the premium for Auto Insurance such as:
Your zip code
Lapse in insurance
Deductible repair costs
Medical costs
An increased amount of drivers in your area
An increased amount of accidents in your area.
What Should I do If My Rates go up?
A good rule of thumb is that when your annual full coverage equals 10% of the value of your car, it may not be wise to carry full coverage. You would be spending more on insurance than the value of the vehicle at the end of the day. If your rates have gone up, shop around to see if there may be a more competitive option for you. At A Plus Insurance, we are a brokerage with the ability to shop multiple Insurance companies to find you the best price, and the best coverage. Check your rate with a free online insurance quote. We are authorized to issue policies from the carriers and more:
Progressive
National General
Dairyland
The General
Travelers
Suncoast
We offer a full range of products to service a wide spectrum of personal insurance needs, as well as business insurance needs. It is our objective to provide quality, low-cost coverage to meet the needs of our clients. Learn more here!
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