It is common for insurance premiums to increase upon renewal, even if you haven’t filed any claims. This happens due to a combination of factors:
1. Inflation and rising costs
Insurers adjust premiums to reflect the rising costs of repairs, parts, labor, healthcare (for health insurance), and claim payouts.
2. Risk reassessment
Insurers regularly update their risk models. Even if your personal profile hasn’t changed, they may conclude that the group of customers sharing similar characteristics has a higher likelihood of filing claims.
3. Portfolio claims experience
Pricing doesn’t always depend solely on your individual history. If the customer portfolio for a specific product has experienced a high volume of claims, the insurer may raise premiums across the board.
4. Expiration of promotional discounts
Discounts offered to new customers are often not fully maintained upon renewal. This causes the cost to rise, even though the coverage remains the same.
5. Changes in coverage or insured amounts
Some policies automatically adjust insured values (for example, based on inflation), which can lead to higher premiums.
Therefore, before renewing, you should request an analysis of your current policy.
Trust Seguros offers an insurance analysis service at no cost to you or your company.
+351 914 464 444 (WhatsApp)
(Call to national mobile network)
info@trust-investments.pt
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