Should I switch my insurers?
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I've been a loyal State Farm customer for six years, now at their platinum level, with advertised 'continuous coverage rewards.' Yet, my premium for full coverage jumped from $150 to $170 monthly. They attributed this to a 'regional risk adjustment,' even though I have no accidents, a four-year-old car, and a credit score of 810. Is this increase justified, or is it time to consider switching insurers?
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The insurance company can increase the premiums because of a change in area risk, inflation, and market trends, not because of you. But if you have a favorable credit score with no criminal record, then you can look for some other banks with better rates, like GEICO and Progressive.