If you’ve ever wondered why your car insurance rates suddenly doubled, you’re not alone. Many people are surprised by a sudden increase at renewal time. But the reasons for the increase are many and varied. Read on to find out why your insurance rate went up. Listed below are some of the reasons your rate increased. The best answer will vary depending on your situation. A recent traffic violation, theft, or injury may be the main culprit. Increasing your coverage may also cause the rates to increase.
There are many reasons why auto insurance rates have gone up, including rising costs and a growing number of claims. Several of these changes may affect your rate at renewal time. It’s important to keep your insurance up to date as you could face an unexpected increase when it’s time to renew your policy. Listed below are a few of the more common causes. Once you know what caused the increase, you can work to reduce your rate.
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Uninsured drivers are another possible reason for your rates to go up. These drivers cost insurers a lot of money. In 2012, the Insurance Research Council reported that insurance companies paid out $2.6 billion to uninsured motorists – 75 percent more than they did in 2010. That means that insurers pass these costs onto their customers. But don’t be alarmed if the other party’s rate doesn’t rise. Latest Website magazineview and magzine