Why Did My Safeco Car Insurance Rate Go Up?
Your Safeco car insurance rate might have gone up due to a recent violation or claim, but it could also be due to inflation.
Written by R.E. Fulton
Edited by Kathleen Flear
Factor | Why it could raise your rate | Average increase |
---|---|---|
Change in credit score | Studies have shown that drivers with poor credit have a higher rate of insurance claims, so insurers see them as more expensive customers. | 44% to 115% |
Coverage changes | Your insurance premium depends on how much coverage you’re paying for, along with your chosen deductibles | Varies depending on coverage |
Discount eligibility | Safeco offers insurance discounts based on your vehicle and driving record. If those change, you could lose your discount | Varies |
Inflation | Rising car repair and healthcare costs are increasing the size of insurance claims, raising premiums in turn. | 26% since 2021 |
New vehicle | Your insurance rate is based on your vehicle’s actual cash value (ACV). New vehicles, sports cars, and luxury cars cost more to insure. | 3% for every model year |
New driver | Your insurer will look at the driving records of everyone on your policy to calculate your rate. | Varies depending on driving history |
New ZIP code | Your insurance rate is based partly on risk factors in your ZIP code, such as crash rates and crime statistics. When you move, your rate can go up. | Varies depending on location |
Recent claims | At-fault accident claims can raise your rates because your insurer deems you a higher risk. | 48% |
Recent violations | Violations on your driving record can raise your rate because you represent a higher risk to your insurer. | 24% to 81% |