Picture this: You've just received your latest car insurance renewal notice and you notice that the premium has gone up. What gives? Why is your insurance getting more expensive? In this blog, we'll explore some of the reasons why car insurance premiums can increase and what you can do to mitigate the impact.
First off, let's talk about why insurance companies might increase your premium in the first place. Here are some common reasons:
You've had an accident or received a traffic violation: If you've been in an accident or received a traffic violation, your insurance company might view you as a higher risk and adjust your premium accordingly.
Your credit score has changed: Insurance companies often use credit scores as a factor in determining premiums, so if your score has gone down, you might see an increase in your premium.
You've moved to a new location: Where you live can have a big impact on your insurance premiums. If you've moved to a new area with higher rates of accidents or thefts, you might see an increase in your premium.
Your car has depreciated in value: As your car gets older, it may decrease in value, which could result in a higher premium as it becomes less valuable to repair or replace.
Your insurer has experienced higher costs: Sometimes, insurance companies will adjust premiums across the board if they've experienced higher costs overall. This can be due to factors like an increase in claims or changes in regulations.
As an Exless member you are eligible for a complimenrary insurance policy review where we can save you money on your next insurance policy. If you would like to have a conversation, please email us at info@exless.com.
The Exless Team
Exless Admin23-02-2023
