Did your auto insurance rate go up? If you noticed an increase in your premium, this is often due to one of three reasons. Fortunately, there are three things you can do to push that figure back down. Here’s the scoop.
Tickets: Did you receive a traffic citation? Tickets are a common cause of insurance rate increases. The severity of your citation is considered in this rate adjustment. For example, a speeding ticket for doing 50 MPH in a 40 MPH zone typically affects your rate less than a DUI conviction would.
Claims: Filing claims may cause a rise in your premium. Multiple claims in a short time period further increase the chances of a rate adjustment.
Conditions: If the risk factors in your area change, this could affect your insurance rates. Increased crime rate and extreme weather events are factors that can cause premium increases.
If your rate has increased (or you want to lower your current rate) take the following steps that can reduce your premiums.
Package: Ask your insurance provider about discounts for multiple policies. Often, if you bundle your home and auto coverage with one company, you can receive a discount.
Protect: Does your car have any safety features that reduce your risk? Security systems and certain safety features can lower your premiums.
Prepay: Pay for your full premium up front. By paying for coverage for six months or a year at once, you may be eligible for a discount.
Contact your insurance agent for more details.