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Your premium is likely to change each time you renew your insurance.
This is because premiums are affected by many factors, including the cost of doing business and changes to the way your risk is assessed.
Sometimes premiums increase across the board because your level of risk has increased. There are different reasons your premium may change, including:
- Inflation
- Taxes
- A reassessment of your individual risk
- Changes you make which reduce your risk
- The number of claims experienced
- Large scale claims
- Investment returns
- Regional and global changes which affect availability
- The value or quantity of what you are insuring
- The insurer’s cost of doing business
It’s important to tell your insurer if you’ve made changes to reduce risk, such as installing a car alarm. You can also ask your insurer about what you can do to lower your premium.
