There is nothing more frustrating than learning that your home insurance or auto insurance has increased. There are different scenarios as to why your premium could go up. Here are a few.
Auto
- If you have a conviction for anything the police pull you over for regardless of whether you lose license points or not.
- If you have an at fault claim without having the accident protector or having a 2nd at fault accident during accident forgiveness time frame of 6 years.
- The company you are insured with has a rate increase.
- If you add a driver or vehicle to your existing policy.
- If you add a young driver with a G2 license being added or any young driver.
- If you are adding an increase in coverage due to broker suggestions or request from client.
- If you move to a different postal code or city.
- If your policies are combined and you shop one policy without the other, you will lose your multi policy car insurance discount.
- If you use your vehicle for commuting to work instead of pleasure use.
- If you use your vehicle for qualified business use with individual companies.
- If your policy is cancelled for non-payment or you have a license suspension.
House
- If you have a claim on your house policy, this causes you to lose your claims free discount for 3 years.
- If your individual company has a rate increase.
- If there is a territory change made by company for coverage (example: sewer back up)
- If you live in a high-risk area for certain coverage (example: overland water coverage)
- If you move from a smaller home to a bigger square footage home
- If your policies are combined and you shop one policy without the other, you will lose your multi policy home insurance discount.
- If you add a swimming pool this increases liability premium
- If you have a home-based business that qualifies as a writable home-based business with individual companies. This has it’s own premium.
- If you build an addition to your existing home.
- If you fail to update your amenities such as heating systems, plumbing, electrical or roof.
- If your policy is cancelled for non-payment or you try to get insurance after a lapse in insurance coverage.
It is beneficial to have a broker who can shop with multiple companies to get you the best price and coverage for your insurance needs. Call Morison Insurance today 1-800-463-8074
- Written by our broker Lisa
This blog is provided for information only and is not a substitute for professional advice. Please call our Morison Insurance brokers at 1-800-463-8074 for more information.
