What you pay for your car insurance now may not be what you pay next year. Car insurance is prone to fluctuation by nature. And there are some good reasons for this – the main one being the company’s risk of insuring you. This is a combination of demographics, your personal driving history, and changes within the company itself. Any one of these factors can account for your rates going up.

What Are The General Factors?

When your car insurance company is determining how much your rate will be, they will assess you based on:

Unlike other types of insurance, being younger does not always result in lower costs. Those at 16 years of age will pay higher rates than any other age group. But in this case, the rates decrease by default. In terms of age and its role in causing rates to be higher than that of the previous year, individuals tend to experience higher rates once they reach 60 years of age.

Men typically pay more than women, as they are considered to have riskier driving habits.

Certain car models cost more than others. High-end vehicles designed for traveling at high speeds will always cost more. A BMW, for example, would have higher monthly rates than a minivan.

In instances of moving to a new area, your rates will be higher in cities where there are a greater number of reported traffic accidents and violations.

As for marital status, married couples are considered safer than single people. If your marital status changes from married to single, you may incur higher rates.

How Does My Driving History Impact Cost?

Your history behind the wheel also plays a major role in your expenses. Your rates will always be lower if you practice safe driving.

Violations such as speeding tickets, failing to yield, running stop signs, and blocking traffic will result in an increased rate.

But not all infractions are created equal. A history of car accidents, DUIs, and driving without insurance are a few examples of what can create dramatic spikes in cost. 

What Role Does The Insurer Play?

Sometimes, costs go up for reasons unrelated to you. You could be in a favorable position in every other way, but changes within the company itself can result in increased rates.

For instance, if you’ve been without insurance for a while, your rates may be higher than they were when you last had insurance.

Need Help?

When you get help through The Coleman Agency, we will help you find great car insurance coverage and keep your rates as low as possible. And our services aren’t limited to car insurance – we can help you with Medicare, ACA plans, worker’s compensation, and renters insurance, just to name a few. We’re a company that will help you meet several needs so that you can enjoy life with peace of mind knowing that you are prepared for anything that comes your way. Call us today at (803) 802-7507 to get a free quote!