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Kiplinger
Kiplinger
Business
Karl Susman, CPCU, LUTCF, CIC, CSFP, CFS, CPIA, AAI-M, PLCS

Wait, Why Did My Insurance Premium Increase?!

An older man looks shocked.

How many times has your insurance premium increased? How many times has the bill come, either in the mail or electronically, and you notice something, something that you don’t like to see. You see that dollar sign is followed by higher numbers. The premium goes up, up and up. Really upsetting to you, isn’t it? Let me tell you when it is OK for your insurance premium to increase and when it is not.

You are a good driver. Maybe you had one small fender bender a few years ago, but you paid for it out of pocket. You had a speeding ticket, sure, but you went to traffic school, so that should not show on your driving record, right? Your car is getting older, and the value is dropping fast. You are becoming a more experienced driver. These things should make your auto insurance premium get lower, right?

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