What Factors Affect My Insurance Premiums And How Can I Lower My Costs?

Rising insurance premiums have many of us scratching our heads, wondering what's behind the increases and if there's anything we can do about them. Timothy Walters, licensed insurance agent and owner of The Walters Agency, breaks down the hidden factors affecting your rates and offers practical solutions to help manage costs.

Many consumers fall into the trap of constantly shopping for the lowest premium without understanding the underlying factors that follow them between companies. For auto insurance, accidents and tickets obviously impact rates, but did you know those small towing claims do too? Insurance companies track claim frequency, and even minor incidents contribute to your risk profile. Timothy suggests joining an auto club like AAA instead of relying on insurance-based roadside assistance to avoid these small claims affecting your premiums.

Your insurance history significantly influences rates, with coverage lapses exceeding 30 days triggering substantial surcharges. Companies view these gaps as indicators of higher risk, potentially leading to higher premiums regardless of which provider you choose. Similarly, credit scores and payment history factor into eligibility and rates in many states, as insurers want reassurance that you'll consistently pay your premiums.

For homeowners insurance, property maintenance is crucial. Roof condition has become increasingly important to insurers, with many companies restricting coverage for homes with shingle roofs over ten years old. Timothy recommends considering metal roofs for their longevity and insurability. Additionally, keep your yard clean and free of debris – insurance inspectors flag unkempt properties as red flags. Other factors like trampolines, swimming pools, and certain dog breeds may limit your insurance options or require additional safety measures.

Want professional guidance navigating these insurance complexities? Call or text 423-417-2070 for a free 20-minute consultation with The Walters Agency to find coverage that protects what matters most while keeping costs manageable.

To learn more about The Walters Agency visit:
https://www.brightway.com/agencies/tn/knoxville/0237/team
The Walters Agency
7009 Asheville Hwy
Knoxville, TN 37924
423-417-2070