Why is my premium increasing?
If your credit score goes down due to increased debt, decreased income, missed or late payments, too many credit inquiries, or some other reason, your insurance company may choose to increase your premiums to protect themselves.
Why are insurance premiums on the rise?
All of these are exposed to climate change events (natural disasters such as bushfires or wildfires, or extreme weather events like storms, and floods), and global warming, as well as inflation, and business interruptions such as the COVID-19 pandemic.
What are some factors that increase your insurance premium?
Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age, anti-theft features in your car and your driving record.