Premium frequently asked questions
Like with any product or service, prices change over time to reflect the state of the industry and to take into account general inflation. Insurance providers incur charges when they do business, just like you do, and it's these charges that can impact the price that you pay for your premium.
There's a ton of reasons that can impact the price you pay. If you add new drivers to your policy, it's likely that your price will increase. Moving to an area that has a higher crime rate, in particular vehicle thefts, can also have a negative impact on your premium. The same goes if you move to an area that has a higher accident rate. Living somewhere that has a high accident rate increases the risk of you being involved in an accident and, in the eyes of your insurance provider, increases the likelihood that you'll have to make a claim. If you purchase a more expensive car, you can expect your premium to rise. The more expensive the vehicle increases the cost of potential repairs or replacement should you be involved in an accident, and the more desirable it is to thieves increases the chances of it being stolen.
There are several steps you can take to ensure that you pay the minimum amount for your car insurance premium. A good step could be to downgrade your car to something older and cheaper. If this isn't a viable option for you, you could consider adjusting your deductible. A higher deductible means a lower premium, but it also increases the risk that you could find yourself out of pocket should you have to make a claim.