Why your renewal went up when nothing changed
Why did my premium go up at renewal?
The transcript below is the video. Read it now; the recording will appear here when it is published.
The short answer
Most renewal increases come from rate filings that apply to everyone: repair costs, medical costs, and weather losses. The rest come from something on your side — a claim, a ticket, a new driver, or a discount that fell off. An advisor can see which one it was; the fix depends on the answer.
Transcript
Your renewal is up twelve percent. No accident, no ticket. What happened?
Two buckets. Bucket one: the market moved. Cars cost more to fix, hospitals cost more, storms cost more, and the company filed a rate increase with the state that applies to everybody.
Bucket two: something on your policy changed. A claim you forgot. A discount that expired. A driver who moved into a new age bracket. A rebuild estimate that was updated.
You cannot see which bucket from the renewal notice. An advisor can.
Then the moves are: check the discounts, look at deductibles, and shop it across companies — not just within one.
What you do not do is cut liability limits to save eight dollars a month. That is the wrong trade every time.
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