Why Did My Car Insurance Go Up?

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COSTA MESA, Calif. - eTradeWire -- You are frugal with money. You have a good credit score and have had zero accidents in the past few years. You haven't even gotten a ticket. Whereas your car's value has depreciated, which should make it less expensive to insure, your insurance rate went up. What gives?;

Car insurance, even home insurance, can be affected by a number of factors, some of which you have no control over. For instance, if the area in which you live suffered a wildfire that destroyed many homes, your home insurance rate would go up, even if your home remained untouched by the flames and you filed no claim.

The same goes for car insurance. There are factors you can control to keep your car insurance rate low but when other people file too many claims, your insurance rate takes a hit too. Also, cars are becoming more expensive to insure due to safety features and other technological advances. When there are exorbitant losses on the part of insurance companies, they raise rates to offset those losses. Insurers always have to make sure their funds are at a stable-enough level to tackle the next great catastrophe.

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That's the short version of a much longer and more complicated story about how insurance works. Below, we offer some information on the factors that cause car insurance rates to rise. However, if you think your insurance company is overcharging you for car insurance policy, you may save quite a bit each month if you shop and compare car insurance quotes (https://smartfinancial.com/auto-insurance) to see who will offer you a fair price for the coverage you need.

How to Lower My Car Insurance

You are not powerless! You can lower your car insurance rate! Some of these steps may take weeks or months to yield results but you're sure to save some money when they do...(for the full article visit https://smartfinancial.com/why-did-my-car-insurance-go-up)


Source: SmartFinancial
Filed Under: Automotive, Insurance

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