Title: Why Do My Auto Insurance Rates Keep Going Up Even Though My Car Keeps Getting Older?
Published: February 2, 2017
Last modified: March 5, 2021

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#  Why Do My Auto Insurance Rates Keep Going Up Even Though My Car Keeps Getting Older?

Why do my auto insurance rates keep going up even though my car is getting older?
At AGENCYNAME, many of our clients ask this question so I would like to address 
it from a couple of angles.

First things first, even though it’s called car/auto insurance, it covers more than
just your car. It should technically be called “auto-owners” insurance, similarly
to how home insurance is actually called “home owners insurance”.

It’s important to understand that there are a lot of variables that go into insurance
premiums, and with auto insurance, it’s no different.

The insurance company is much more concerned with you crashing into someone and 
causing them (or yourself) bodily harm, or death, than they are about your car. 
A car is a material possession which can be replaced.

A human life is not.

When is the last time you looked at your auto insurance policy?
 If you look at 
it you’ll notice there are a lot of different coverages on your auto policy.

Bodily injury
 Property damage Un-insured motorist Under-insured motorist Medical
Payments Loss of Income Funeral Expense Loss of use Rental Reimbursement

These are all things that you are covered for on your auto policy. How many of them
have to do with your car?

None.

How many of them have a price next to them on your policy?

All of them.

Your car isn’t the only thing you’re being charged for on your policy
 That’s because
auto insurance covers far more important things than your car as mentioned above.

Let me re-phrase that: your car insurance rate isn’t just based on your car.

You’re not the only one…
 It’s also important to understand that you are not the
only person your insurance company insures. You are one fish in an ocean of other
fish, sharks, and sea creatures, all who have different characteristics and risk
profiles.

Insurance is all about spreading costs over a large number (risk pool) of people,
which each person paying their fare share. That risk pool is constantly changing,
and is impacted by a ton of different things, including the overall economic climate.

This means that you are sharing in the cost of millions of other people, many of
whom may have poor loss history and/or credit.

That’s what insurance is though — sharing in the cost.

The next time your auto insurance rates go up, take a look at the big picture. Make
sure you’re looking at ALL of the coverages, and corresponding rates.

Hope this helps!  If you would like to know more about Car Insurance be sure to 
visit our page dedicated to it.

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