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How do I know if my insurance price is accurate?
Every time my policy renews, the rate gets higher and higher. How can I be sure that the price I am paying is correct?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Insurance pricing can feel like a mystery, but verifying a few key things can ensure your rates are correct.
Here are the steps you need to take to make sure you are being rated accurately:
- Make sure your credit report is accurate
- Ask for a policy review and update any missing information
- Shop rates with multiple car insurance companies
Insurance companies use an insurance score as one of the factors to price your policy. The insurance score is mainly comprised of credit history and driving history.
If incorrect information is on your credit report, CLUE report, or motor vehicle report, your policy may be rated too high.
By federal law, everyone is entitled to a free annual credit report from all three credit agencies. AnnualCreditReport.com is a government-mandated site and a safe way to request a copy of all of your accounts.
Your CLUE report contains all of the claims reported under your name from the past three years. You can get a free copy of this report by going to LexisNexis.com.
If you see any discrepancies, resolve them and get an updated report to send to your insurance provider.
Some changes like getting married, graduating college, and moving are celebrated in life but forgotten when it comes to insurance.
After a milestone, always double-check that your policy information is accurate.
If your rates seem high but are consistently around the same price, they are accurate. Some factors may cause a higher rate, like zip code and driving experience.
For help in shopping for a better insurance rate, download the
Jerry
app today! Jerry shops for the lowest prices with over 50 different insurance companies and delivers the best rates straight to your phone in seconds.”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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