Why are your insurance premiums going up?  Each company has their own underwriting and rating methodology.  There are many different factors.  How each company utilizes or weighs them can have varying effect on your rates form one company compared to another.

• Personal Factors: a change in driving record for traffic tickets, accidents, and claims.  Companies use Territories and different rates apply to different territories.  Also adding a new driver or a new vehicle can cause your premiums to rise.
• Inflation: The cost of goods and services has gone up in and caused insurance premiums to increase. As a result, insurers have had to adjust their premiums accordingly.
• Insurance Company Performance: If an insurance company faces increased operational costs, lower investment returns, or higher-than-expected claim payouts, these situations will cause an insurer to raise insurance premiums to maintain profitability.
• Legislative Environment: Changes in laws or regulations can increase both operational and claims cost and contribute to higher premiums for your policy.
• Insurance Score which is like a Credit Score changes: In some regions, insurance companies use credit scores as a factor in determining premiums. If your score changes, it can result in changes to your premiums.
• Natural Disasters: If your area experiences more hurricanes, floods, or wildfires than expected this can lead to higher insurance premiums for policyholders in the affected area to support the increase of claims paid. It is very important to review your policy on a regular basis to make sure you have the correct coverage.  Also make sure you avoid unnecessary coverage and receive all discounts for which you qualify. In short -Review and understand your policy to the most bang for the buck!

Since 1977, the Independent insurance agents at William J Goodman Ltd take time to review coverages and answer questions.  We shop for competitive quotes from multiple companies and provide personal service.  Call us at 708-799-2655