Car insurance is one of the necessities when you are wanting to drive a vehicle. When you are shopping for car insurance, the insurance companies will be looking at several different factors when giving you a quote for coverage. These factors include driving records, new drivers, credit scores and even your claims history. If you have been a long time auto insurance holder, you may be frustrated when you see that your rates are increasing. Signet Insurance Group is here to talk about some of the reasons you may see your auto insurance premiums increase.
Why Your Car Insurance Rates May Have Increased
Understanding why you are seeing your insurance rates increase can be helpful. It can, at the very least, help ease the frustration of increased rates.
– Driving Record: If there have been any reports of things like truckload driving, accidents-ones that are or aren’t your fault, or even driving under the influence of shrugs and alcohol, you are surely going to see an increase in your rates.
– Credit: While you may feel like your credit score should have nothing to do with your car insurance, this can have a large impact on your rates. If you have a low score, work to raise it to get a better price.
– How Frequently You Drive: Auto insurance companies look at the number of miles you drive per year and figure that the more you are driving, the increased risk of getting in an accident. This will bring higher costs in auto insurance.
– Car: The type of car you drive will also play a role in how much you pay for car insurance. If you are driving a new car that is filled with expensive technology to fix, should you get in an accident, you will be paying more than someone with an older, more affordable car.
– Added Drivers: If you are adding drivers to your coverage, you will also see an increase in the cost of insurance. If the additional driver is a teenage driver, you will see a steep increase because of their lack of experience behind the wheel.
– Stats of Where You Live: Insurance companies will also look at the place where you live and see if there is an increase in stolen vehicles, insurance fraud, increased accidents, insured or uninsured drivers, and more when they are giving you your rates.
– Inflation: Unfortunately, life is more expensive than it has ever been. It only seems to be increasing still. This will cause your premiums to increase as well.
– Change in Discounts: You may have been getting discounts on your insurance premiums that have expired. If you don’t understand the increase, call and talk to somebody.
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If you are looking for the best price on auto insurance, you can turn to the professionals at Signet Insurance Group to find you the best possible rates on auto insurance. Call us today!
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