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Why Are Insurance Rates Going Up?

By February 21, 2024Insurance
Blog - Why are Insurance Rates Going up

Why Are Insurance Rates Going Up?

 

You may have noticed an increase in your insurance premiums recently. There are a couple of reasons why:

Inflation – The cost of EVERYTHING, especially building materials, labor, and auto parts, is increasing right now.

Insurance companies are also seeing more severe car accidents, more frequent and severe weather events, rising medical costs, etc. These things are showing a 320% increase over the last decade.

Fixing cars and homes and paying medical bills are all getting pricier.

All these things lead to, what we refer to in the insurance industry as, a “Hard market”. This means that insurance companies have to raise rates to keep pace with rising costs. They are also being more selective about customers.

Here’s the GOOD news – we know this insurance industry inside and out. As independent insurance agents, we work for YOU. After a quick review of your policies, we can advise if switching carriers makes sense or if adjusting deductibles or coverages could help give you a better value. If you’re noticing significant increases in your insurance premiums, there are a couple of things we can promise:

  1. We receive reports of policy renewals and are monitoring those that are increasing above and beyond the industry average.
  2. If we notice a significant increase in your policy renewal premiums, we are proactively re-rating your policies to ensure you are still getting the best value. If we find a better option for you, we’ll reach out!

 

Other Ways to Manage Rate Increases:

    1. Bundling your auto and home policies with one carrier could offer you a significant Multi-Policy Discount.
    2. Any school-age drivers on your policy could receive a Good Student Discount (with a qualifying GPA) with many of our carriers.
    3. Check with your agent about other possible discounts. Depending on your carrier, those discounts could include:a. Military Discount
      b. Healthcare Worker Discount
      c. Telemetrics (Safe Driving Apps/Devices)
      d. Auto Pay Discount

 

If you’d like us to review your policies to check for other carrier options or see how we may be able to adjust your coverages, feel free to send us an email at info@tia-llc.com or call us at (804) 308-9424.

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