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How can you calculate your new car insurance premium?
Is there a good way to calculate your new car insurance premium? I'm about to renew my car insurance and I'm afraid my premium will shoot up! I'd like to understand how providers decide to raise insurance rates.
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“When your policy comes up for renewal, many
car insurance
providers will use it as an opportunity to reassess your rates. While your premium may drop, most will rise due to a combination of factors—including driving record, insurance history, and location.Unfortunately, every provider uses a unique method to determine your rate, so it’s hard to calculate exactly how much you’ll pay. But you can get a general idea by considering the factors with the biggest potential to impact your premium, like:
- Driving record
- Age
- Claims history
- Location
- Type of car
If you spent this last year driving the same car, in the same place, without any collisions, then your rate will likely stay the same. But if you bought a new car, moved to a new city, or were involved in an accident, your rate will likely go up.
Luckily, you can always take steps to maintain a low premium. To make sure you’re getting the best rate on the coverage you want, try
Jerry
. A licensed broker, the Jerry app will help you gather and compare affordable quotes in minutes. If you find a better plan, Jerry will even help you switch policies and cancel your old one!”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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