How to beat car and home insurance renewal hikes (2023)

Many customers with car and home insurance report premium hikes of more than 400 per cent when they come to renew their cover - leading some to consider switching.

Policyholders buying new insurance are rolling the dice when it comes to the price of new cover bought in 2023.

While some industry statistics suggest premium increases are small or even non-existent, readers of This is Money and sister title Mail on Sunday have reportedinsurance price hikes of up to 416 per cent.

Even if these outlandish premium hikes are uncommon, insurers themselves admit that the only way is up for car and home insurance prices this year.

This is our guide on how to beat the home and car insurance renewal hikes and lock in the best possible deal.

Fed up: Many of our readers report being charged high premiums when they come to renew their car and home insurance

How expensive are car and home insurance?

The most recent official figures for home and car insurance premiums show a mixed picture when it comes to premium levels.

For car insurance, drivers are paying 11 per cent more for new cover, taking the average yearly premium to £500, according to the Association of British Insurers (ABI).


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  • How to tell if your home has enough building and contents insurance cover

Motorists taking out cover with a new insurer paid 11 per cent extra during 2022 compared to 2021. However, drivers renewing existing policies paid 7 per cent less, or £392 on average.

Meanwhile,home insurance premiums have fallen to £300, the lowest levels since insurers started keeping records - but these costs are set to rise this year.

Why are home insurance prices set to rise?

Home insurance premiums are currently low due to stiff competition and a ban on an insurer practice known as 'price walking'.

Price walking is when insurers charge renewing customers higher premiums than new ones. The Financial Conduct Authority regulator banned the practice in January 2022.

(Video) How Much Car Insurance Do I Actually Need?

Some renewing home insurance customers had previously been charged up to three times the amount new customers were, so the ban reduced the cost of overall premiums for the year.

The Financial Conduct Authority regulator, which brought in the ban, estimates it will save the public £4billion over the next ten years.

However, the FCA made that prediction before the cost of living crisis kicked in, and that is another reason why premiums are rising.

A rise in subsidence claims, a surge in frozen pipe payouts and the rising costs of building materials and labour costs mean home insurance premiums could rise again in 2023.

How to get a good deal on home insurance

Consider switching rather than just renewing

The ban on price walking means your current insurer cannot charge you more than a new customer for the same cover. But that does not mean your current insurer is offering the best possible deal.

It could be worth trying a couple of different comparison sites to cover all bases, as well as going to insurers direct.

Some insurers, such as Aviva and Direct Line, do not list their prices on any comparison websites.

Reduce your costs and risk

When it comes to cutting your insurance premiums, there are several steps you can take. Firstly, checking the sum insured on your buildings insurance is wise. It could be far too high, and you could reduce it and save money.

However, you must never skimp on this or artificially lower it, as you may be breaking your mortgage terms and will find yourself underinsured if disaster strikes. Around four in five UK homes are underinsured, according toinsurance broker Macbeth.

Similarly, understating the value of your contents is a mistake, as you will lose out in the case of theft, loss or damage.

Home cover: We explain how to lock in a deal before insurers push up premiums later this year

It is possible to reduce your contents insurance costs by lowering your risk, however.

Joining a Neighbourhood Watch scheme, fitting better locks, having a burglar alarm installed or getting improved smoke alarms can all reduce insurance premiums.

You can also often get discounts of around five per cent for a smoke detector, burglar alarm or dead-bolt locks.

Some companies offer to cut customers' premiums by as much as 15 or 20 per cent if they install a sophisticated sprinkler system, and a fire and burglar alarm that alerts the police, fire or other monitoring stations, but these can often be expensive upfront.

Get a no-claims discount

Many of us are familiar with the concept of the no-claims discount from our car insurance. This is where a history of not making a claim can reduce your premium.

But these are a growing feature of home insurance, too. Typically, households are asked whether they have made a claim over a set period of time in the past, and if they haven't then they could get a lower premium quote.

However, some insurers are now making no claims discount-style offers that take this idea a step further.

(Video) Car Insurance Renewal Tips in India | Car Insurance Renewal कैसे करे | Insurance Renewal for Car

This means that if you do not make a claim, your premiums could be frozen when the time comes to renew. It is an option well worth investigating.

Remember, cheaper is not always better

When hunting for home insurance it is vital to remember that, while you want to keep costs down, you also need the best cover possible.

Insurance deals vary not only in price, but in terms of what is covered and not covered.

Any number of home disasters could potentially befall you and you may end up thousands of pounds out of pocket if you skimp on insurance.

When picking an insurance policy, it is always best to plan for the worst case scenario. Spending a bit extra on premiums will cost far less than a very expensive bill for your buildings or contents not being covered properly if you ever need to make a claim.

Always make sure you read the small print and exclusions on policies, and compare like with like.

It also makes sense to take a good look at the extras that an insurer is offering you, such as helpful added services, or the opportunity to keep premiums low in the future.

When you get policy documents, read through them carefully and make sure all details are correct and everything you need is covered. Then, if the worst happens at least you will be prepared.

Climbing cost: Surging energy bills, a rise in car journeys since the pandemic and the ban on price walking are all leading to higher car insurance premiums

Why are car insurance prices going up?

This is happening for several reasons. The main one is that insurers' own costs are rising.

For example, rising energy bills mean insurers pay an average of £71.75 extra to repair each car after a crash. The cost of paint and materials has risen by almost 16 per cent, the price of courtesy cars by 30 per cent and around 40 per cent of all repair work is hit by delays.

Another part of the rise in car insurance prices is the UK returning to pre-pandemic norms. During the worst of the Coronavirus lockdowns, car insurance prices fell due to insurers paying out fewer claims due to reduced numbers of journeys.

The UK's return to a pre-Covid way of life has meant more car journeys, more theft and crashes and therefore higher premiums.

Another factor behind rising car insurance costs is the ban on price walking, as with home insurance.

This ban led to premiums starting to creep up for new drivers, though renewing customers save money overall.

Insurers' own costs are rising, and these are being passed on to their customers. Energy costs and the cost of things like spare car parts are increasing, and this is also behind the car insurance price hikes.

How to get a good deal on car insurance

There are several ways that drivers can lower their insurance bills.

If you cannot afford insurance at all, the best thing to do is talk to your insurance firm.

The ABI's Fong added: 'Anyone concerned about being able to continue paying their motor insurance premium should speak to their insurer about any alternative payment options that may be available.'

Aside from that, here are five ways to help bring down car insurance costs.

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1. Shop around for the best policy

This is the number one way to save on car insurance. Drivers can make savings of hundreds of pounds if they shop around when renewing their cover.

Insurers are no longer allowed to charge renewing customers more than new ones. That means if a driver renews, they should be quoted the same - or less - than if they had started a new policy with the same insurer.

But it may still be possible to get a better deal by shopping around.

How car insurance premium quotes vary by postcode
Car East LondonWest London Rural Shropshire
Ford Fiesta£1,113.42£884.63£560.45
Land Rover Discovery £2,993.74£2,553.67£759.71
Volkswagen Golf£955.80£823.64£569.85
Honda Jazz£1,144.33£893.46£556.84
BMW 3 Series£1,395.95£1,072.03£646.41
Mercedes E Class£2,136.78£2,098.99£685.63
Vauxhall Corsa£1,075.47£851.22£560.45
From GoCompare, all quotes the cheapest available

2. Consider 'black box' telematics insurance

Black box policies are where the insurer uses a system in your car to monitor your driving, either a separate device or via the driver's smartphone. These policies are designed to reward those who drive carefully.

They can cut premiums substantially once you start proving you are a good driver. Some insurers even offer an upfront discount if you take out a telematics policy.

Although these are mostly aimed at young drivers, older motorists are allowed them too.

3. Be careful of how many drivers are named

Another way to cut premiums is to ensure that only regular drivers are named on the policy.

Adding a young, inexperienced driver can be a false economy, especially if you have a large or higher-powered vehicle.

The premium will be affected by the youngest driver, and he or she may not have a no-claims bonus.

4. Pay yearly, not monthly

When taking out a new policy, drivers will be given the option to either to pay for the whole year upfront or in monthly instalments.

Many opt for the monthly payments as it means not having to part with a large sum of money in one go – but paying for insurance in installments normally means paying at least 10 per cent more.

If you can afford to pay your yearly premium upfront, you could save money.

This is because your insurer may charge you interest on the monthly instalments. It is worth asking them if there is a difference and, if so, what it is.

5. Only pay for what you need

Some car insurance deals include extra benefits, such as a courtesy car, windscreen cover, breakdown cover and motor legal protection.

All of these could definitely come in handy, but they will almost always increase the total cost of insuring your car.

Many consumers who buy add-on insurance then forget they have it, and some deals are only claimed on once every 664 years.

Compare home insurance, car insurance and travel insurance

Beat the renewal blues and compare the best deals for home, car and travel insurance.

Every year, these bills can creep up and the best way to save is to shop around to make sure your loyalty doesn't cost you.

It should be the case that results and prices are similar across most comparison sites, but they may slightly differ, so it is worth checking a couple. We suggest:


Before you start, you will need to know your home's rebuild cost for buildings insurance, plus details of previous claims. For contents you need to know the overall sum to be insured and any high value or special items.


Compare cheap home insurance from 60 brands

Get a quote in less than 8 minutes


Free £250 excess cover, terms apply


See what you could save on your home insurance

Also check insurers such as Direct Line and Aviva that do not appear on comparison sites.


New Financial Conduct Authority rules are meant to stop insurers bumping up renewal quotes, but it still makes sense to check for better deals on thecomparison sites. We suggest:




PlusDirect Line and Avivathat do not appear on comparison sites.


It's a foolish traveller who departs without insurance, even if it only covers medical emergencies. Compare before you buy with:


Compare deals from 35 leading providers

See how much you can save from a few days to an annual policy

Also tryDirect Line that does not appear on comparison sites and if you have previous serious medical issues consider a specialist insurer or broker.

(Video) How To Sell More Home & Auto Insurance Policies!

Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence.

(Video) 9 Tips to Save Money on Home Insurance | Square One

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.


How do you beat a high car insurance? ›

Here are some ways to save on car insurance1
  1. Increase your deductible.
  2. Check for discounts you qualify for.
  3. Compare auto insurance quotes.
  4. Maintain a good driving record.
  5. Participate in a safe driving program.
  6. Take a defensive driving course.
  7. Explore payment options.
  8. Improve your credit score.

Why is my car insurance so high 2023? ›

The state's combination of densely-populated urban centers, high healthcare costs, pricey auto repairs and severe weather and natural disaster risks all contribute to California's higher-than-average insurance premiums.

Why does my homeowners insurance keep going up? ›

Insurance companies are increasing rates to make up for billions of dollars in losses due to worsening climate disasters, and surging inflation means homes require more dwelling coverage to pay for rebuild costs. The combination of these factors has resulted in some fairly drastic rate increases in 2022.

How do you fight insurance decisions? ›

Two Ways to Appeal

You may ask your insurance company to conduct a full and fair review of its decision. If the case is urgent, your insurance company must speed up this process. External review: You have the right to take your appeal to an independent third party for review. This is called external review.

What is the simplest way to lower your auto insurance premium? ›

Set higher deductibles on your auto insurance.

The higher your deductible — the amount of money you will pay out of pocket in the event of a claim — the lower your premium generally is. Typically, deductibles range from $0 to $1,500.

Why does my car insurance keep going up for no reason? ›

Factors affecting car insurance rate increases can include things you can control like driving behavior, credit score and place of residence. Other reasons why car insurance goes up may be out of your control, like your age, loss of discounts and the number of claims in the area.

Will auto prices go down in 2023? ›

In the U.S., the Manheim Used Vehicle Value Index — which measures the prices dealerships pay for used cars at auctions — hit a high of 257.7 in January 2022 and has since fallen to 222.5 in January 2023. Overall, J.P. Morgan Research predicts used car prices will decline by roughly 10% in 2023.

At what age is car insurance most expensive? ›

What to know first. 18-year-old drivers on their own policy pay the highest car insurance premiums out of the age groups Bankrate analyzed. The most significant difference in premiums by gender occurs at age 18.

What are three factors that lower insurance premiums? ›

What factors are most important for car insurance rates?
  • Age. Age is a very significant rating factor, especially for young drivers. ...
  • Driving history. This rating factor is straightforward. ...
  • Credit score. ...
  • Years of driving experience. ...
  • Location. ...
  • Gender. ...
  • Insurance history. ...
  • Annual mileage.

How do you explain reduced paid up insurance? ›

What Is Reduced Paid-up Life Insurance? Reduced paid-up insurance is an option with some life insurance policies that allows you to retain a death benefit from your life insurance policy without paying anything toward premiums. A reduced paid-up option might be built into your policy if you have whole life insurance.

What is the 80% rule in insurance? ›

The 80% rule means that an insurer will only fully cover the cost of damage to a house if the owner has purchased insurance coverage equal to at least 80% of the house's total replacement value.

Can you negotiate homeowners insurance? ›

Is homeowners insurance negotiable? You cannot negotiate your homeowners insurance quote, but you can lower the amount you pay by taking a variety of steps—maintaining a good credit score, paying in full, installing protective devices, researching discounts, and more.

Is homeowners insurance going up because of inflation? ›

Although there's some evidence that inflation in homeowners insurance is easing in 2023 — calculates the increase from 2022 to 2023 at just 3 percent — inflation in all things tends to be cumulative: A 12 percent raise one year followed by a 3 percent raise is still a 15 percent hike over two years.

How do I contest a home insurance decision? ›

  1. Step 1: Contact your insurance agent or company again. Before you contact your insurance agent or home insurance company to dispute a claim, you should review the claim you initially filed. ...
  2. Step 2: Consider an independent appraisal. ...
  3. Step 3: File a complaint and hire an attorney.
Mar 6, 2023

How do I fight home insurance denial? ›

File an appeal

The appeals process that you must follow is outlined in your homeowners insurance policy. Filing a formal appeal triggers a review of your denied claim. Include with your appeal as much evidence and documentation as you can to support the position that your damages should be covered.

How often do insurance appeals work? ›

' As in our previous analysis of claims denials, we find that consumers rarely appeal denied claims and when they do, insurers usually uphold their original decision. In 2021, consumers appealed less than two-tenths of 1% of denied in-network claims, and insurers upheld most (59%) denials on appeal.

What can lower your premiums for property insurance? ›

  • Shop around.
  • Raise your deductible.
  • Don't confuse what you paid for your house with rebuilding costs.
  • Buy your home and auto policies from the same insurer.
  • Make your home more disaster resistant.
  • Improve your home security.
  • Seek out other discounts.
  • Maintain a good credit record.

Which factors will cause auto insurance premiums to be lower? ›

Insurers assess many factors – including your driving record – when calculating your premium. Your insurance rates are also determined, in part, by the type of car you drive. Generally, the harder your car is to steal and the less expensive it is to repair, the less you pay for insurance.

Which is a type of insurance to avoid? ›

Mortgage insurance. Avoid insurance that will pay off your mortgage if you die unless you're ineligible for term life insurance. Reason: Mortgage insurance coverage declines as you pay down your mortgage, yet the premium stays the same.

Why is my car insurance renewal so high? ›

The cost of your car insurance can go up for a number of reasons if you let it renew automatically, but it's more likely if you've had an accident or received points on your licence, for example. Economic and market factors, like inflation, can also make a difference.

Why did my car insurance go up when nothing changed? ›

While it can seem arbitrary, there are actual reasons you can see your price go up and down. Car insurance rates can change based on factors like claims, driving history, adding new drivers to your policy, and even your credit score.

What are three things that will cause your car insurance to go up? ›

Auto accidents and traffic violations are common explanations for an insurance rate increasing, but there are other reasons why car insurance premiums go up including an address change, new vehicle, and claims in your zip code.

Is 2023 a better time to buy a car? ›

Americans planning to shop for a new car in 2023 might find slightly better prices than during the past two years, though auto industry analysts say it is likely better to wait until the fall. Since mid-2021, car buyers have been frustrated by rising prices, skimpy selection and long waits for deliveries.

Will vehicle prices ever go back down? ›

Car prices may be coming down after two years of inflated prices brought on by supply-chain issues that occurred during the pandemic. Prices could drop up 5% for new vehicles and 10% to 20% for used vehicles in 2023, according to a report in November from J.P. Morgan.

What cars will be worth alot in future? ›

Here's a list of the more likely cars to become collectible vehicles in the next ten years:
  • 2009 Nissan GT-R. This car is not a cheap shot, but it's worth the cost. ...
  • 1998 Lotus Esprit. ...
  • BMW 1 Series M Coupe. ...
  • Aston Martin Vantage AMR Manual. ...
  • 1984-1991 Ferrari Testarossa. ...
  • Volvo 850R. ...
  • Ford Focus RS. ...
  • Alfa Romeo 4C.
Apr 29, 2022

Which gender pays more car insurance? ›

Men tend to pay more for car insurance overall, though the difference is slight — about 1%. The difference is most pronounced for teens and young adults.

What demographic has the highest car insurance? ›

Young male drivers are the most expensive demographic to insure, since they are statistically the most likely to cost car insurance companies money. However, the difference in cost between men and women narrows over time. After age 40, women can even be slightly more expensive to insure.

What types of automobiles have the highest costs of insurance? ›

Sports cars, luxury cars, and high-performance cars may cost more to insure because they also cost more to repair, may get stolen more frequently, and may be involved in more accidents.

What are 4 things that can affect your insurance rates and costs? ›

Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age, anti-theft features in your car and your driving record.

What are three factors that can raise how much your home insurance premium is? ›

Here are 10 factors that affect how much homeowner insurance costs:
  • Where you live.
  • The price of your home and the cost to rebuild it.
  • The amount of coverage.
  • Your home's age and condition.
  • Home security and safety features.
  • Your credit history.
  • Additional types of coverage.
  • Your deductible.
Jul 31, 2020

What are the 5 factors that impact the price of your auto insurance? ›

5 Factors That May Impact Your Car Insurance Rate
  • Factor #1: Make & Model of Your Car. The type of car you drive can have an impact on how much you're required to pay for coverage. ...
  • Factor #2: Zip Code. ...
  • Factor #3: Your Car's Age. ...
  • Factor #4: Your Driving Record. ...
  • Factor #5: Marital Status & New Drivers.

How can I lower my insurance renewal? ›

Here are our top five things to think about when you're after car insurance.
  1. DON'T pay the bill each month. Unlike other bills where you get savings for paying by Direct Debit, paying monthly for insurance can cost more. ...
  2. Avoid auto-renewal. ...
  3. Shop around. ...
  4. Reduce the risk. ...
  5. Use your no-claims bonus.
Mar 29, 2021

How can I lower my car and home insurance? ›

Bundle your policies. Combining your home and auto policies to one insurance carrier is one of the easiest ways to lower your insurance rate. Regardless of whether you own or rent your home, you can bundle it with your auto policy to save.

How can you lower your monthly premium? ›

How can I lower my monthly health insurance cost?
  1. You can't control when you get sick or injured. ...
  2. See if you're eligible for the tax credit subsidy. ...
  3. Choose an HMO. ...
  4. Choose a plan with a high deductible. ...
  5. Choose a plan that pairs with a health savings account. ...
  6. Related Items.

What is an example of reduced paid-up insurance? ›

For example, assume you have a policy you have paid $2,500 in premiums each year for 20 years, which has a cash value of $40,000. If you choose the reduced paid-up life insurance option, the guaranteed death benefit would likely be close to the $40,000, and you would no longer be responsible for future premiums.

Why do insurance companies refuse to pay out? ›

Insurance claims are often denied if there is a dispute as to fault or liability. Companies will only agree to pay you if there's clear evidence to show that their policyholder is to blame for your injuries. If there is any indication that their policyholder isn't responsible the insurer will deny your claim.

What is the difference between paid-up and surrender value? ›

Note that the paid-up value is the amount you will receive when the policy matures or the money the nominee receives if you were die. The surrender value factor is zero for the first three years and keeps rising from third year onwards. It differs from company to company and depends on various factors.

What is a good rule of thumb for car insurance? ›

The best liability coverage for most drivers is 100/300/100, which is $100,000 per person, $300,000 per accident in bodily injury liability and $100,000 per accident in property damage liability. You want to have full protection if you cause a significant amount of damage in an at-fault accident.

What is the 100 to 1 rule life insurance? ›

Pension plans – An alternative method for pension plans is to show life insurance benefits are incidental on a benefits basis. 100-times rule – Under this rule, life insurance benefits are incidental if the insurance benefit is no more than 100 times the anticipated monthly annuity benefit.

What percentage of your income should go to insurance? ›

A good rule of thumb for how much you spend on health insurance is 10% of your annual income. However, there are many factors to consider when deciding how much to spend on health insurance, including your income, age, health status, and eligibility restrictions.

Can you ask your insurance company to lower your rate? ›

Auto insurance prices are non-negotiable, so you can't ask your car insurance company to lower your rates. However, there are several ways to find more affordable premiums. Compare quotes from multiple insurers. Although states regulate the cost of car insurance, different companies offer varying rates.

Why would homeowners insurance be so high? ›

Insurance companies are increasing rates to make up for billions of dollars in losses due to worsening climate disasters, and surging inflation means homes require more dwelling coverage to pay for rebuild costs. The combination of these factors has resulted in some fairly drastic rate increases in 2022.

What to say and not to say to a home insurance adjuster? ›

You should never admit any fault or even partial liability for what occurred. Often, the less you say, the better. Don't offer theories about the damage. All repair and replacement costs should be substantiated rather than based on your opinion.

Are insurance premiums going up in 2023? ›

Car insurance costs are on the rise in 2023. According to personal finance website ValuePenguin, insurance rates across the US are expected to rise by 8.4%, bringing the total average premium for full coverage to $1,780 per year.

Do insurance companies do well during inflation? ›

Insurance and inflation

If those costs increase, the price of insurance premiums will likely increase as well. Unfortunately, due to inflation these costs are increasing. Building materials for homes are more expensive, there's a chip shortage driving up the cost of cars, and there's also a labor shortage.

How much has home insurance policy gone up? ›

Consumer Intelligence reported that between December 2021 and October 2022, home insurance premiums increased by 2.8% - building on the 4.1% uptick that the firm recorded in home insurance premiums between October 2021 and October 2022.

Does a high credit score lower car insurance? ›

A higher credit score decreases your car insurance rate, often significantly, with almost every insurance company and in most states. Getting a quote, however, does not affect your credit.

Why does my car insurance go up every 6 months? ›

While it can seem arbitrary, there are actual reasons you can see your price go up and down. Car insurance rates can change based on factors like claims, driving history, adding new drivers to your policy, and even your credit score.

How can I avoid paying my car insurance deductible? ›

How Can I Avoid Paying a Car Insurance Deductible?
  1. Choose not to file a claim until you have the money.
  2. Check your policy, as you may not have to pay up front.
  3. Work out a deal with your mechanic.
  4. Get a loan.

What are 2 unnecessary types of insurance? ›

15 Insurance Policies You Don't Need
  • Private Mortgage Insurance. ...
  • Extended Warranties. ...
  • Automobile Collision Insurance. ...
  • Rental Car Insurance. ...
  • Car Rental Damage Insurance. ...
  • Flight Insurance. ...
  • Water Line Coverage. ...
  • Life Insurance for Children.

What is the most important insurance to have? ›

Health insurance is arguably the most important type of insurance. A 2016 Kaiser Family Foundation/New York Times survey found that one in five people with medical bills filed for bankruptcy. With a stat like this, investing in health insurance can help you prevent a significant financial hardship.

Can you be turned down for insurance because of your credit score? ›

To compensate for the higher risk of claims and lapses, insurance companies tend to charge higher premiums for lower credit-based insurance scores. In some states, although your credit can be a rating factor, it cannot be the only factor, nor can it impact the decision to cancel or non-renew your policy.

What is a good credit score for auto insurance? ›

A good insurance score is roughly 700 or higher, though it differs by company. You can improve your auto insurance score by checking your credit reports for errors, managing credit responsibly, and building a long credit history.

Can I be denied car insurance for bad credit? ›

You can get car insurance with bad credit, but your choices may be limited. If you want to pay monthly, some providers might reject your application if they think there's a risk you won't pay.

Why is my car insurance renewal higher than last year? ›

Insurance premiums are largely based on risk, if your insured vehicle has been involved in more claims over the past year, or if there have been more claims made in the area where you live then this can also impact upon the price you will pay.

What time of year is car insurance most expensive? ›

Drivers who insure their cars in December may pay more than 15% more than those who insure in February, the cheapest time of year, research by MoneySuperMarket found.


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