Hello everyone
I just discovered that my yearly price for auto insurance went up by roughly 26%. However, my online account still indicates that I have no violations, no accidents, and anti-theft. Everything about my account is the same as it was when I was previously billed, yet this time the cost is 26% larger.
Is there a reason why it would rise so much?
Really sorry that you are experiencing this.
Could it be related to policy reasons? You should investigate if the company has enough money.
They might be trying to raise capital and increase their reserves. In this case, maybe they want to be able to cover future costs that might arise you know?
No “no reason” was given for the increase. Simply put, you are unaware of the majority of the hundreds of factors that led to the increase. Automobiles cost more money. The cost of repairs is higher. The same is true of medical expenses. Inflation might affect insurance as well. The cost of several industry-related items has increased in the last year or two. And then include fraud in it as well. Businesses are frequently playing catch up because they are paying out more claims than they are receiving in premiums, or operating at a deficit.