13 reasons for rising insurance premiums
It’s one of the great mysteries of all time, probably the greatest.
No, I’m not talking about how the dinosaurs were killed off, or even how people in the third century B.C. could, with rudimentary equipment and few tools, move tons of rocks into a geometric formation. Maybe the two are related, I don’t know …
But together or severally, they cannot reach the level of intrigue that surrounds the explanation of auto insurance premiums. But I shall try …
First of all, if you drive, your insurance premiums will increase. If you have a car but don’t drive, your insurance premiums will go up. If you don’t have a car but choose to carry driver’s insurance, your insurance premiums will go up.
If you get a new car, whether it is a sporty coupe, family sedan, mid-life-crisis roadster or a seven-person mover, your premiums will go up. Motorcycles, on the other hand, have restricted use in many parts of the country, so their riders’ premiums go up.
Secondly, location – if you live in areas designated as high risk areas (these could be areas with a history of medical claims, dense in immigrant populations, rife with criminal activities or just any place with a road) your premiums will go up. The neat part is that if you live on the other side of a street that bounds one of these high risk areas, then your premiums go up.
Age – if you’re a young driver, your premiums will go up but once you reach a designated area, then your premiums go up. If you’re married, your premiums will go up but if you get divorced then they’ll go up. Widow and widower premiums, on the other hand, go up.
On that note, if you’re a young woman, married woman, mother, grandmother or a single woman raising a family, then your premiums go up.
Now some jurisdictions have province-run insurance, which is believed to be one of the main reasons why insurance rates are more stable. Under those systems, your insurance premiums go up.
So to sum it all up, for this coming year, your insurance premiums will go up.
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