Navigating the world of auto insurance can often feel like a balancing act. You want the best protection for your vehicle and family, but you also want to keep your monthly premiums manageable. At Hemgren Family Insurance in Andover, MN, we believe that understanding the variables behind your rates is the first step toward saving money. While many factors influence your premium over time, certain triggers can cause your rates to spike almost instantly. As your trusted family insurance company, we want to help you stay informed so you can keep your car insurance policy affordable. Here are four things that can raise your car insurance rates quickly. Get a fast quote today.
Traffic Violations and At-Fault Accidents
The fastest way to see a rate increase is by receiving a moving violation, such as a speeding ticket or a DUI. These signals tell the insurer that you are a higher-risk driver. Similarly, filing a claim for an accident where you are found at fault will likely result in a surcharge at your next renewal.
Adding a Teen Driver
While it is an exciting milestone to see your child get their license, adding a young, inexperienced driver to your car insurance policy is a guaranteed way to see premiums jump. Statistics show that teen drivers are more prone to accidents, and insurers adjust rates upward to compensate for that added risk.
Changing Your Vehicle
If you trade in your older sedan for a brand-new luxury SUV or a high-performance sports car, expect your auto insurance costs to rise. Newer vehicles cost more to repair or replace, and high-performance engines often carry higher risk profiles in the eyes of an underwriter.
A Lapse in Coverage or Moving to a New Area
Letting your insurance expire, even for a few days, can lead to a “prior insurance” penalty. Additionally, moving to a high-traffic area or a neighborhood with higher crime rates can cause a quick adjustment in what you pay.
GET STARTED TODAY
At Hemgren Family Insurance, we do more than just protect your vehicles; we are also experts in helping you find the best home insurance companies in Minnesota to bundle your coverages for maximum savings. If you have questions about your current rates or want to review your coverage, reach out to us today—we are here to protect what matters most to you!