It’s frustrating when your auto insurance premium seems to go up for no reason or fault of your own.
The truth is, there are many external factors that impact your premium rate. But there are a few things you can do that could lower your premium.
In this post, we break down the internal and external factors that affect what you pay for auto insurance. We’ll also provide a few tips on ways to lower your premium.
5 Reasons Your Car Insurance Rates Might Go Up
- Adding/replacing a vehicle or adding driver: This one is fairly straightforward — More vehicles = higher premium.
- General rate increase from insurance company: Sometimes the insurers raise rates on all policyholders to remain profitable.
- Accident or violation: Accidents where you’re found to be at fault and moving violations can raise your premium.
- Cancellation of other policy: If you’re bundling policies (life, auto, home) and your drop one, you might end up paying more.
- Increasing coverages: You’ll pay more for better, more comprehensive coverage.
Car accidents and speeding violations can raise your rates. Be safe out there!
External Factors That Also Affect Your Premium
- Cost to repair vehicles.
- Increase in medical costs.
Ways To Lower Your Auto Insurance Premium
- Meet with your agent once a year. You can discuss adjustments to coverages for your current situation.
- Maximize on discounts. Your agent will help you determine if you’re eligible for any discounts.
- Bundle policies. When you bundle multiple policies you’ll save. Nationwide’s multiple-policy discounts apply to combinations of home insurance, auto insurance, life insurance, motorcycle insurance, boat insurance or other Nationwide policies.
Contact Us for a No-Obligation Insurance Review
Call us at 717.561.0547 or click the button below to contact us about reviewing your coverage. We can help you find ways to possibly lower your premium and ensure you have the correct amount of coverage.