4 THINGS EVERY TRUCKER SHOULD KNOW ABOUT THE ELD (E-LOG) MANDATE
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4 THINGS EVERY TRUCKER SHOULD KNOW ABOUT THE ELD (E-LOG) MANDATE
Why do your car insurance rates keep going up? For many responsible drivers, there is nothing more frustrating than seeing your car insurance premium has increased. It is wise to understand the factors that come into play when a company determines your car insurance premiums. Understanding how rates are figured gives you the upper-hand when negotiating premiums with your insurance agent.
How Does an Insurance Company Set Premiums?
There are a few important factors insurance companies consider when determining insurance premiums. Separate from coverage options, limits of insurance, and the deductibles you choose, some elements outbalance others when an insurance company calculates a driver’s premiums. The following carry the highest influence to your insurance rates and probably why your car insurance rates keep going up:
Your driving record
Insurance companies work hard to analyze the risk of a driver being involved in a car accident. Drivers who have a history of frequent auto accidents, or questionable driving records, may see higher than usual car insurance premiums.
Gender, experience and marital status
To insurance companies, experience is a huge factor in determining a drivers premium. Experienced drivers, usually older in age, are less likely to cause a car accident.
Gender also plays an important role to insurance companies. Insurers typically see males as more reckless, and more likely to be involved in an auto accident.
If you’re married, you are in luck! Stats show that single drivers are more likely to be involved in an automobile collision than their single peers. Married drivers, especially those with kids, are believed to be more responsible on the road.
Why Your Car Insurance Rates Keep Going Up…
We now understand the basics of how your monthly car insurance rates are determined. As noted above, any points added to your MVR, or motor vehicle record, cause insurance carriers to increase premiums according to your level of risk.
“ But I haven’t been in an accident, gotten any tickets, or made changes to my policy. Why has my insurance rate increased! ”
So your car insurance rates have increased and your agent can’t give you a good reason. We can. Here are a few reasons why your car insurance rate keep going up:
Endorsements, or policy changes. There are certain policy changes that can make a serious impact on the price of your car insurance. Changing your car’s garaging address is one of them. Adding new drivers to your policy, whether younger or older, can also have your car insurance rates make a slight leap.
Unbundling. If you have multiple policies with the same insurer, removing one of them may cause you to lose discounts. This is true for those that switch their homeowners, or renters insurance with a different carrier.
Change of employment. You may lose a group discount, a professional discount, or possibly have the distance to work change, making your rate go up.
Getting older? This is true for both drivers and vehicles. Older drivers are more susceptible to medical conditions that may increase the risk for an auto accident. The same is true among vehicles. Without proper maintenance, an aging vehicle can be risky to drive. Insurance carriers identify these higher risks and adjust insurance prices accordingly.
What Can You Do?
The best way to deal with an increase in your car insurance rate is to actively shop for car insurance quotes upon policy renewal. Car insurance companies change their insurance rates more often than you may think.
Insured ASAP Insurance Agency partners with dozens of car insurance companies to provide affordable auto insurance and SR-22 in Chicago, Joliet, Aurora and throughout Illinois. Let us surprise you with the amount of money we can save you! Call an agent today at (708) 233-4848 for a 3-minute car insurance quote or start your quote online and check out our low rates.
