9 reasons auto insurance companies might raise your rates

mkfilm // Shutterstock Car insurance rates have been increasing faster than inflation, and you can expect them to continue that upward trend for at least part of 2023. The cost of car insurance rose 17.1% over the past year, more than four times the overall inflation rate, according to May data from the Bureau of Labor Statistics. Progressive and Allstate are among the insurers that expect additional rate increases during 2023. What’s driving the rising premiums? Higher costs for repairs are one reason, and that is a result of both more expensive auto parts and higher labor rates. Too few workers in the industry means repairs take longer, extending the time customers are in more costly rental cars. And more drivers are back on the road since the coronavirus pandemic eased, meaning more chances for crashes. But other reasons also might contribute to more expensive car insurance, from poor driving habits–whether speeding or accidents–to moving to a new state with different minimum requirements for insurance. Even your credit score might determine the cost of your insurance, though some states have banned the practice. With this in mind, TruckInfo.net compiled a list of reasons auto insurance companies might increase a driver’s rates. Take a look to see which might apply to you. Speeding tickets