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Why do my auto insurance rates keep going up even though my car is getting older? \u00a0At Brown & Associates Insurance, many of our clients ask this question so I would like to address it from a couple of angles.<\/p>\n
First things first, even though it\u2019s called car\/auto insurance, it covers more than just your car. It should technically be called \u201cauto-owners\u201d insurance, similarly to how home insurance is actually called \u201chome owners insurance\u201d.<\/p>\n
It\u2019s important to understand that there are a lot of variables that go into insurance premiums, and with auto insurance, it\u2019s no different.<\/p>\n
The insurance company is much more concerned with you crashing into someone and causing them (or yourself) bodily harm, or death, than they are about your car. A car is a material possession which can be replaced.<\/p>\n
A human life is not.<\/p>\n
When is the last time you looked at your auto insurance policy?
If you look at it you\u2019ll notice there are a lot of different coverages on your auto policy.<\/p>\n
Bodily injury
Property damage
Un-insured motorist
Under-insured motorist
Medical Payments
Loss of Income
Funeral Expense
Loss of use
Rental Reimbursement<\/p>\n
These are all things that you are covered for on your auto policy. How many of them have to do with your car?<\/p>\n
None.<\/p>\n
How many of them have a price next to them on your policy?<\/p>\n
All of them.<\/p>\n
Your car isn\u2019t the only thing you\u2019re being charged for on your policy
That\u2019s because auto insurance covers far more important things than your car as mentioned above.<\/p>\n
Let me re-phrase that: your car insurance rate isn\u2019t just based on your car.<\/p>\n
You\u2019re not the only one\u2026
It\u2019s also important to understand that you are not the only person your insurance company insures. You are one fish in an ocean of other fish, sharks, and sea creatures, all who have different characteristics and risk profiles.<\/p>\n
Insurance is all about spreading costs over a large number (risk pool) of people, which each person paying their fare share. That risk pool is constantly changing, and is impacted by a ton of different things, including the overall economic climate.<\/p>\n
This means that you are sharing in the cost of millions of other people, many of whom may have poor loss history and\/or credit.<\/p>\n
That\u2019s what insurance is though \u2014 sharing in the cost.<\/p>\n
The next time your auto insurance rates go up, take a look at the big picture. Make sure you\u2019re looking at ALL of the coverages, and corresponding rates.<\/p>\n
Hope this helps! \u00a0If you would like to know more about Car Insurance be sure to visit our page dedicated to it.<\/p>\n
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[et_pb_section fb_built=”1″ _builder_version=”4.4.1″][et_pb_row _builder_version=”4.4.1″][et_pb_column _builder_version=”4.4.1″ type=”4_4″][et_pb_text _builder_version=”4.4.1″ hover_enabled=”0″] Why do my auto insurance rates keep going up even though my car is getting older? \u00a0At Brown & Associates Insurance, many of our clients ask this question so I would like to address it from a couple of angles. First things first, even though it\u2019s called […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n