Is there anywhere I can call or go to a website to figure out why my insurance is so high with a clean driving record? I’m paying 130.00 a month for a 2005 vehicle I just dont understand.

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There could be a variety of reasons.  Depending upon your state there are a variety of rating factors which affect your premium.  In California you are rated on the year, make and model of your vehicle.  You are also rated on your driving experience.  You are rated on the location of your household, and the drivers in your household.  You are rated on your total annual miles.  If you have violations and accidents these increase the premium dramatically.
    Answered on April 25, 2014
  2. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    Great question! In addition to the things that Mr. Pipes mentioned, there are a couple of other reasons why your insurance is high. Have you recently moved? Or had a problem with your credit? If you've had a serious ding on your credit before the last rate hike, that may be a reason why. Your insurance company factors in your credit score in their rates. If you recently moved, that may play a role also - from a quiet residential neighborhood to a downtown apartment can hike your rates, or if you've moved to a higher crime rate area. Unless it's just to recoup profits on their part, generally rate hikes are a sign of perceived  increased risk. I'd advise you to look for an independent agent who can help you compare prices. Good luck, and if you need help, please contact me. Thanks for asking!
    Answered on April 25, 2014
  3. 14231 POINTS
    Tom SheehanPRO
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    A little hard to say in a general sense, but this is a terrific question for your Insurance Professional.  There are a number of details that are factored when developing the rate that you pay.  You mentioned the year of your car as well as the type.  A vehicle like yours can in some cases cost more on the liability portion f your policy due to it's size and weight.  Another factor is how you drive (pleasure or commute for example) and how many miles you drive.  The state and area where you live can be a factor as well.  The coverage options that you have chosen will also naturally drive premium.  Ask to see if you are receiving all available discounts.  If you insure your car and home with the same company, there can be some very nice premium savings discounts available.
    Answered on April 26, 2014
  4. 1866 POINTS
    Paul RothPRO
    Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
    If you are 26, and still paying the premiums that you were paying when you were 18, it is time to go shopping. Many companies will lower rates when you turn the magic age of 25. However, like many things in life, you have to ask for it, or vote with your walk away powers. True, credit and other factors are in the mix, but if you were my daughter, (and you are about her age) I would encourage her to go to your independent agents in the area and get some quotes. You shop for clothes, you shop for jewelry, cell phone plans. Insurance to many is a necessary expense, so shop. You might be surprised.
    Answered on June 11, 2016
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