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Why did my car insurance skyrocket after trading in my car?
I was leasing a 2019 Audi A3 and recently traded it in for the 2021 model. My premium has gone up $400. The dealership said it was because I didn't have full coverage on my previous vehicle, but I'm almost positive I did. I also recently moved from a suburban area to a city. Why did my rate change?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If your premium has increased significantly, you should reach out to your insurance company directly. They will be able to provide you with the exact reasons why your rate increased.
The biggest factors that can impact rates are a change of address and change in coverage. If you previously only had
liability insurance
and now have both comprehensive coverage
and collision coverage
, your rate will increase significantly.Where you live can also impact your rates. If you recently moved to a bigger city, your insurance company may consider you to be at higher risk of filing claims.
Once you have a better idea of why your rate changed, you can request quotes from other carriers. Getting
car insurance quotes online
is a great way to comparison shop and ensure you’re paying the lowest price for insurance. If you want cheap quotes fast, sign up with
Jerry
. This free app can find the right policy for you 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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