Question

Why is my car insurance more expensive than last year?

It seems like every time my policy renews that my company increases my rates. Since my vehicle is getting older every renewal and my driving record is clear, why am I seeing an increase?

Feb 22, 2016 Richmond, VA

Answer
Neil Richardson

Feb 22, 2016

Auto insurance is not immune to inflation or the rising cost of hospital visits and medical care. It is significantly more expensive to go to the hospital today than it was even 10 years ago; heck even the cost of milk or basic grocery items has risen a large amount. The simple answer is that if your rate increased and none of your personal details have changed then that means your insurance company's cost of doing business has increased and the customer will be faced with having to pay more. The best way to combat a price increase is to exercise your right to shop around to see if you can beat your new rate.

Compare auto insurance rates and save up to $670 per year!

Location pin icon
Related Questions