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Why does my insurance increase every renewal?
"I'm 34 with a clean driving record. I have full coverage and pay $90 a month right now. Why does it keep increasing?"
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your
car insurance
policy rate is based on other drivers who are similar to you. If those drivers are getting into accidents or submitting claims, your insurance company could choose to raise their rates.When you pay your policy premium, it goes into a pool. This pool is used to cover every policyholder with your insurance company. To ensure that the company has enough money to cover a claim, they may need to raise rates.
Additionally, a state’s Department of Insurance and Financial Services may mandate a statewide rate increase. This means that all insurance carriers in the state must raise their rates.
If you’re unhappy with your current rate, your policy renewal is a great time to shop around. You can look into larger carriers as well as smaller carriers to compare rates. You may be able to find a lower rate with another carrier.”
View full answer
- Gregory R.
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