Auto insurance is a black box. You'll never get a straight answer about what impacts your premiums most. Further, you'll never get a satisfactory answer to what's behind your premium increase.
Yeah, claims went up last year. And what else did you throw into the mix that spiked my premium 20% last year, and another 20% this year.
The only effective strategy is to rate shop each year and decide whether you want to insure with the carrier currently offering the lowest rate (with a good chance that your rates will creep up excessively over the coming two or three years until you go beat the bushes again).
Whatever you do, don't presume that "loyalty" will be rewarded. The joke is that after 2-3 years, you'll always find another issuer with a lower rate as a come-on for you to switch to them. And, next thing you know, your former carrier will do the same.
@hdporter wrote:
Whatever you do, don't presume that "loyalty" will be rewarded. The joke is that after 2-3 years, you'll always find another issuer with a lower rate as a come-on for you to switch to them. And, next thing you know, your former carrier will do the same.
I'd love to get 2-3 years before they try to jack my rates up.
Historically I've had to change my auto insurance every 6-12 month, and my home insurance every year to dodge huge rate hikes.
I did get a nice deal in February, and am holding out hope that I won't have to switch again for a while, but I'm afraid home insurance rates in Texas are about to get jacked up again...
