Safeco Insurance Premium Changes
There are several factors that can affect your insurance premium over time.
What determines the cost of your insurance?The cost of insurance is very specific to you. It is determined by many factors, including coverage changes, discounts within your policy, and changes in your state. We use as much information as possible to make sure we provide you with the right coverage and price.
We know that any increase to your premium is disappointing, but routinely adjusting the cost ensures we are able to cover you when you need us most. The factors that can cause changes to your premium include both external factors based on the world around you and personal risk factors based on your unique profile.
External FactorsAn increase in total claims paid, based on factors like weather and changes to state insurance laws, can directly affect your premium. Some of these factors include:
- Escalating extreme weather incidents, including floods, hurricanes, snow, and ice storms can cause the frequency and severity of claims to rise across the country.
- An increasing number of car accidents due to distracted driving.
- Rising healthcare costs.
- Rising cost of home and auto repairs, including parts and labor.
- Rising insurance fraud claims.
Personal FactorsClaims History
If you’ve filed a claim in the past few years, this might result in an increase to your premium. By maintaining good driving and home-protection habits, past claims on your record can decrease as time goes on.
Your insurance score is used in most states to determine your auto and home rates. We base this, among other considerations, on your credit report, payment history, and credit use. Using insurance scores lets us better understand our drivers and homeowners and any risk that might occur, and allows us to continue protecting all our customers.
How Can I Lower My Insurance Rate?Stretching your hard-earned dollars is our highest priority, that's why we also offer discount and savings options that can help lower the cost of your and insurance.
Having more than one insurance policy with Safeco can save you time and money. Bundle your auto, home, renters, condo, or umbrella insurance together with our .
Changing Your Payment Method
You can save by paying your bill in full. If you have any questions on payment methods you can view .
Coverage Limits & Deductibles
Adjusting your current coverage limits and deductibles could impact your premium. After logging in to your , you can easily view your coverage in your online account.
Your Local Independent AgentAs always, we are happy to review your policy in detail to make any changes and see if you qualify for any additional discounts. Please don't hesitate to call your .