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Seeing a rate change on your auto insurance plan that requires you to pay more money upfront is upsetting. There are a few legitimate reasons that your insurance premiums can go up; here are some possible reasons for an increase.
After an Accident that Was Your Fault
Accidents are one of the things that often make insurance rates go up. If you are found to be at fault for the accident, insurance rates are very likely to go up at the time you need to renew your plan. If you are not at fault for the accident, your insurance rate should not increase. That is, unless you have been reporting many insurance claims in a very short span of time.
After a Move
You might not realize that moving neighborhoods can affect your rates. It's not just based on the city or state you live in; your insurance rates go down to the address you live at. If you have moved to a less safe neighborhood where car theft or vandalism rates are higher, your comprehensive insurance coverage can go up. If you now live in an area with a lot more vehicle traffic or higher speed limits, there may be a higher rate of auto collisions in your area; that can increase your insurance premiums as well.
After Multiple Traffic Tickets or a DUI
If you have had many moving violations in a short span, that can affect your insurance rates. If you have recently had a DUI and are just now getting your auto insurance back, the rates won't be the same as before your DUI. The point is that anything that pegs you as a risky driver can make insurance rates go up.
You Elected to Have a Monitoring Device
Some auto insurance companies offer a monitoring device that tracks things like driving speed, acceleration styles, braking styles, and other driving factors to determine your driving skills. While the idea is to lower your premiums by demonstrating good skills, insurers sometimes go the other way and increase your risk rating as a driver.
Modest and Occasional Market Rate Increases
Sometimes, policy rates can go up simply because the market rate of the auto insurance policy has changed. Many insurance carriers try to keep premium increases low for their existing customers as a way to say thank you for being loyal to the company. You shouldn't see significant increases in your premiums with every renewal. If you do, maybe it's time to look at auto insurance carriers to make a switch to a more empathetic insurance provider, like Insure With U.S..Share
6 June 2017