Why Insurance Rates Change
There are several factors that can affect your insurance rate over time.
If you've filed a claim in the past few years, this might result in an increase to your premium. Remain on your guard and maintain good driving and home-protection habits. If you keep losses to a minimum, past claims on your record will decrease as time goes on.
Your personal insurance score is used to help determine your rates. We base this, among other considerations, on your credit report, payment history, and credit use. This practice lets us cover more drivers and homeowners and promotes equitable rates for all our customers.
A rise in total claims paid, based on factors like weather and changes to state insurance laws, can directly affect your premium. Some of these factors include:
- Escalating extreme weather incidents, including: floods, hurricanes, snow, and ice storms have caused the frequency and severity of claims to rise across the country.
- An increasing number of car accidents due to distracted driving.
- Rising healthcare costs.
- Rising cost of home and auto claims, including parts and labor.
- Rising insurance fraud claims.