There are several reasons that your premium may increase as your policy approaches renewal. These reasons include, but are not limited to, the following:

• Market & Regulatory Changes: Insurers may raise rates due to market conditions or state-approved rate hikes.
• Claims History: Your recent claims, especially having multiple or expensive ones, can raise your premium for the upcoming renewal period.
• Risk Changes: If you have life changes, such as moving, getting a new car, or health/driving record updates, this can affect your rate.
• Rising Costs: Impact from rising costs in the economy can contribute to rate changes. This includes inflation, higher repair or medical costs, and industry-wide price increases.
• Policy Adjustments: Increasing coverage limits or lowering deductibles can lead to a higher premium.
  Credit Score: If your credit score changes, a lower score can result in higher premiums in some states.
• Loss of Discounts: If you receive a discount when starting your policy, your premium may increase the next year if you no longer qualify. This could be a discount from bundling policies or a safe driving discount.
• Insurer’s Rate Adjustment: Your insurer may raise rates across the board due to higher claims or business changes.