It can be quite surprising and upsetting when you move, maybe not even more than a mile away, and your auto insurance premium see an increase. It may appear that the insurance company is being unreasonable but there is reason to their logic. Luckily there are some things you might be able to do to mitigate some of your out of pocket expense. Being experts in offering auto insurance in South Carolina and Georgia with many different companies gives Triest Agency a competitive advantage. That means using Triest Agency to keep your auto insurance premiums down is a smart decision.
Insurance premiums result from intricate data accumulated by the insurance company that analyze things like likelihood to make a claim based on driver age. The actuaries then make a formula of how to charge rate for a given risk based on what the payouts have been for that type of risk. Risks can be things past claims experience, model of a vehicle and zip code. There are so many factors that the insurance companies use, you need a PhD from MIT to figure it out! And you still won’t be able to!
Zip codes are important because the frequency of claims made can differ drastically based on the given area. This could be because of an intersection that causes lots of accidents. There could be more thefts or vandalism in the area. Higher speed limits could result in higher medical claim payments due to more severe accidents. The amount paid on claims in a zip code can also make a big difference. If it's a more affluent area it's possible that the vehicles are more expensive which also would result in higher expense for claim payouts. So the actuarial data will affect the pricing for each zip code. Even if you move just a block or two away, if your new home is in a new zip code the premium may change. Thankfully however it works both ways and sometimes you may have a pleasant surprise and your premiums may go down. Before moving from Mt Pleasant to West Ashley or Kiawah Island, you may want to check with us first.
If you're on the not so lucky end and your premium increased, there are several ways you might be able to save money on your South Carolina auto insurance. Make sure to tell your agent if you moved closer to your place of employment since this could result in usage discounts. If you moved from an apartment to a house with a garage this could also make a difference. If you moved in with a significant other could consider combining policies. This which would give you a multi car discount and would probably save you both some cash. You can also ask your Triest Agency independent agent to shop your policy and see if another insurance carrier looks at your new zip code in a more favorable fashion. If the move means you now need a home or renters insurance policy this could also save you big time with a multi-policy discount.
If a move made your auto insurance premium increase talk to your agent. They may be able to find a new lower company or apply a new discount to help offset some of your increase.