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Why do vehicle insurance premiums go up & down for seemingly no reason? Should I contact my insurance company to inquire? (lemmy.world)

submitted 1 week ago by LemmyKnowsBest@lemmy.world to c/asklemmy@lemmy.world

26 comments fedilink hide all child comments

These are my most recent monthly State Farm vehicle insurance payments, from most recent ($114.35) to sometime back in 2021 ($69.32). I have no control over how much or little they decide to take out of my bank account every month. I noticed it steadily going up over the months until suddenly my December payment DECREASED by $16.75. I really don't feel like contacting my insurance company with this trifling question but I am curious what affects their fluctuating prices.

$114.35 (December 2025) $131.10 (November 2025) $131.10 $131.10 $131.10 $131.10 $131.10 $122.45 $122.45 $122.45 $122.45 $122.45 $122.45 $121.87 $121.87 $121.87 $121.87 $121.87 $121.87 $100.89 $100.89 $100.89 $100.89 $100.89 $100.89 $95.40 $84.24 $83.56 $83.56 $69.32 (January 2021)

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[–] Bronzebeard@lemmy.zip 4 points 1 week ago (1 children)

Based on your stats: age, gender, income, education, location, etc etc, you are bundled up with others who share many of those same stats. They average the costs over time that these groups accrue over a period of time + a generous buffer + profit margin in order to come to what they charge you.

You may be moving into different groups or those costs for the group you're placed in has changed. Thus fluctuations.

[–] LemmyKnowsBest@lemmy.world 3 points 1 week ago (1 children)

Oh yes thank you for explaining, perhaps the fact that I just turned 50 has bumped me into a different bracket.

[–] TubularTittyFrog@lemmy.world 3 points 1 week ago

yep. accident rates for older drives go way down. and then up again once you are 60+