Auto accidents and traffic violations are common explanations for insurance rates increasing, but there are other reasons why your rates would increase. There are a variety of factors that impact the rates including the increase of costs of repairing or replacing vehicles and increasing accidents leading to more claims. Most companies have increased their rates by up to 20% to counteract these factors.
Other cost boosters consist of limited parts availability, increased prices for new vehicles and used vehicle parts, and longer rental periods with increased rental fees.
Auto insurance rates can also change based on driving record, claims, age and even credit score.
Here are some ways to lower your rates:
1. Shop around. As an agency, we have more than one company to quote your vehicle(s).
2. Take advantage of the discounts offered by each company.
3. Drive safely. Speeding tickets, traffic violations and accidents increase your premium.
4. Increase your deductibles. If you can afford a higher deductible on Comprehensive and Collision, it can lower your premium.
5. Improve your credit score. Making payments on time, keeping credit card balances below your limit and not having too many credit cards can help more than you think.
6. Bundle your insurance. Many comapanies will give you a discount when purchasing two or more types of insurance with them, such as home and auto.
Insurance companies consider a number of elements when setting rates. Age, driving record and what car you drive all have an affect on your rates. Comparing quotes is a great way to see which company can help you the most.
Call our office to see where you can save. We would love to help you out.
