3 Reasons Your Car Insurance Price Went Up With Luxury Yellow Accent

hey This Is Jeremy From Shine Insurance And Today We're Going To Talk About Why Did My Auto Insurance Price Go Up Man. I Get This Question All The Time Why Did My Auto Insurance Go Up.

I Didn't Have Any Accidents Or Any Of That Kind Of Stuff Why Did It Change In This Video. I Hope Will Answer That Question For All Of You. So, Let's Dig Right Into It Well Dig Into The Most Common Reasons Your Auto Insurance Price Can Go Up And There Are Really Three Two Of Them Being More Common Than The Third The First One Is Very Simply A Rate Change We'll Talk About That Loss Of Discount Or Discounts And Then Coverage Changes.

So, Those Three Things Are The Most Common Things That Can Change In Your Policy And Make Your Price Go Up Or Down And We're Going To Talk About Each Of Those Right Now, But First You Need To Understand A Key Term And That Key Term Is The Word Renewal A Renewal In Insurance Is The End Of One Insurance Policy Term In The Beginning Of A New One. So, Every Time You Get Your Insurance Policy Your Auto Insurance Policy Will Have Some Dates On There Depending On The Term It Could Be Six Months Or A Year Or The Most Calm And There Are Other Kinds Too, But Usually Six Months Or A Year The Ones You'll Have And At The End Of Each Of Those Terms A New One Will Start And When One Term Ends And A New Term Starts That Is Called A Renewal. So, That's A Key Term We're Going To Use Throughout This Video Like.

I Said Most Commonly Every Six Months Or One Year There Are Shorter Ones Out There, But They Are Not Very Common. So, Let's Talk About The First Reason Your Premium May Have Gone Up And That Is Simply A Company Rate Change At Each Policy Renewal Companies Have The Right To Change The Rate They Charge This Can Be Based On Quite A Few Things The Most Common Thing That It's Based On Is Claims Paid Out In The Previous Term, If A Company Sees That They're Paying Out A Lot Of Claims And Ultimately Losing Money Then They're Going To Raise The Prices Of Those Policies. So, That In The Next Term They Can Make Back The Money They Law.

So, They Want To Try And Balance Claims Going Out With A Premium Coming In Or The Price Of Your Policy Coming In And, If They Feel Like They're Losing Money Then They're Going To Increase Premium. So, That They Can Try And Make That Back. So, A Lot Of Times That's What Happens It Could Be The General Profitability Of The Company Sometimes Companies Are Losing Money On Something Else Not Auto Insurance Maybe It's Just Poor Management Or All Kinds Of Different Things And They Are Going To Increase The Price You Pay In An Effort To Try And Fix That You Know Every Company Is Managed Differently And Some Are Kind Of Are Managed Well And Some Are Management Not As Well.

So, Companies Have To Make Decisions And Sometimes That's Based On The General Profitability Of The Company Whether The Company Wants To Grow Or Shrink In Your Area Believe It Or Not Companies Make Decisions About Certain Areas Of The Country And Say You Know We Just Don't Want To Get Any Bigger In That Space We've Got A Lot Of Policies There We Don't Want To Get Any Bigger. So, We're Going To Start Increasing Our Premium In That Area And What's Going To Happen People Are Going To Leave Or New People Certainly Aren't Going To Come In The Door And. So, That Company Is Not Going To Grow In That Area And Likely They Will Shrink.

So, Sometimes The Price Changes Or Price Increases Have Everything To Do With The Company Just Wanting To Shrink In Your Area Or Not Grow In Your Area And Kind Of Almost Anything Else Now Companies Do Have To Propose Their Rate Changes To A State Board Of Insurance. So, They Can't Just Radically Change Their Insurance Premiums All The Time For No Reason And Have It Move All Over The Place, But They Can Really Make Insurance Premium Decisions Based On Almost Anything They Do Though Have To Make Sure The Insurance Department Is Okay With That Change. So, Company Rate Change A Huge Reason Why Your Prices Could Go Up At A Renewal.

So, Here's A Rookie Mistake At Least In My Opinion Purchasing A Six-month Policy Instead Of A 12-month Policy. I Think Six-month Policies Are To The Advantage Of The Insurance Company And To Your Disadvantage Why Well It Gives Them Twice As Many Opportunities To Change Your Premium It Gives Them Twice As Many Chances To Increase Your Premium Because Of Something And That Is Most Often What Happens Are There Times When Premium Goes Down Shirt There Are And. I See That Happen All The Time, But Its More Common That Premium Is Going To Go Up And.

So, A Six-month Policy Gives The Insurance Companies Twice As Many Opportunities To Make That Premium Change. So, In My Opinion Pick A 12-month Policy As Opposed To A Six-month Policy Reason Number Two That Prices Go Up Our Loss Of Discounts Now Insurance Is Based On Discounts. I Mean Ever Discounts Are Everything Insurance And, If You'll Lose One Your Price Goes Up.

I've Created A Video That's Called The Eight Most Common Discounts For Auto Insurance And You Should Definitely Check That Video Out On Our YouTube Page In The Auto Insurance Playlist And It'll Dig More Deeply Into What These Discounts Are That You Could Lose, But. I'm Going To Go Over Them Really Really Quickly Here. So, The Eight Most Common Discounts Are A Safe Driving Discount The Accident Free Discount Credit Your Credit Score The Multis Multi-car And Multi-policy Those Two Different Kinds Of Multis Age And Gender Believe It Or Not Affect Your Premium A Paid In Full Discount, If You're Willing To Pay The Whole Policy In Full Loyalty Discounts And Introductory Discounts Kind Of Opposite Things There, But Those Are Discounts As Well And Finally Association Or Job Discounts Again, If You Want To Learn More About That There's A Video In Our Youtube Channel You Can Also Go Down Into The Notes Below This Video And Download An Infographic We Created That Has The Eight Most Common Discount.

So, You Can Use That Info Graphic To Look At Your Policy And Make Sure You're Getting All The Discounts That You Should. So, Number Two Is Loss Of Discounts And The Third One Not As Common, But Certainly Worth Mentioning Is Coverage Changes In Your Policy. So, Insurance Companies Can Change The Coverage Options They Offer You When A Renewal Comes Up This Doesn't Happen A Lot, But It Can Be Confusing And Hidden In The Renewal Documents.

So, Insurance Called Policies Could Decide For Examples That They Wanted To Increase Deductibles That They Were No Longer Going To Offer Anything Less Than A Two Hundred And Fifty Dollar Deductible Well, If You A Hundred-dollar Deductible Then That Coverage Is Going To Change At Your Renewal And Go Up To The Two Hundred And Fifty Dollar Deductible Now This May Not Increase Your Premium, But Sometimes They'll Make Those Changes And Increase Your Premium Or Not Change Your Premium At All. So, Your Premium May Not Get Worse, But Your Coverage Got Worse And In Essence You're Paying More For Less In Those Situations That Could Happen As Well With Liability Limits. So, They Lower Your Liability Limits And Aren't Willing To Offer As High Of Limits As You Had Before They Don't Decrease Your Premium Because Of It.

So, You Lost Something And Get You Know Didn't Gain Anything. So, And Then The Last One Is A Little Side One, But This Example Is You Know The Tiny Things That Can Be Changed At Renewal And That Is Like Removal Of Roadside Assistance. So, Lots Of Companies Offer Roadside Assistance As A Part Of Their Insurance Policies, If They Decide Not To Do That Anymore They Could Just Remove That At Renewal And Not Save You Any Money Things Like That.

So, You Just Have To Watch Out. I Mean It Doesn't Happen Very Often, But You Know Knowing What Coverage You Have And Making Sure You Understand It At Each Renewal Super Important And Something That All Of Your Insurance Agents Should Be Willing To Help You Understand All Right. So, What Did We Learn Well We Dug Into The Most Common Reasons Your Auto Insurance Price Can Go Up And Those Three Are Rate Change Just Simply The Insurance Company Increasing The Rate Loss Of Discounts Something Changed In Your Scenario And That Discount Came Off And Therefore Your Price Went Up And Finally Coverage Changes Some Coverage That The Insurance Company Decided They Don't Want To Offer Anymore And.

So, They Could Change Your Coverage Sometimes Making It Worse Without Making Your Price Better Ultimately You End Up With Something Worse For The Same Price Alright That Was The End Of That, If You Want To Check Out Some Of Our Other Shine Videos We Just Posted A Great One Adjustable Rate Versus Fixed Rate Mortgages As A Part Of Our New Home Buyers Guide. I Spoke With Ryan Langley From Ruoff Home Mortgage And We Talked About These Two Different Kinds Of Mortgages When Each Of Those Is The Right Option For You Our Make Insurance Simple Course Is A 78 Video Course That Is Right There In A Playlist On Our Youtube Channel You Can Check It Out, If You Really Want To Dig Into Home And Auto Insurance We've Got All The Details There For You It Is Definitely For People Who Want To Learn A Lot About Home And Auto Insurance And Finally, If You Just Want To Have Fun Deep Fried Turkey Fails This Is A Bunch Of People Trying To Deep Fried Turkey And Failing Miserably You'll Laugh Enjoy That Video, If You'd Like To Last Things As Always, If You Could Subscribe To Our Channel, If You Enjoyed This Video We Try And Create Tons Of Good Videos About New Home Buying And About Insurance That Just Simply Tell You How Things Are We're Not Spinning It Or Anything Like That We're Just Trying To Tell You How It Works. So, You Can Understand Its Role In Your Life And Finally, If You Want To Share This With Friends You Definitely Should Do.

So, In Your Social Media Networks All Right It's Been Great Talking With You Today And Until The Next Time Have A Wonderful Day.

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