Why did my insurance rate increase?! I didn’t have any claims!

We get asked this question daily. Very simply: Every insurance company had major rate increases.

First, please understand that E.C. Cooper Insurance didn’t raise your rate. Your carrier raised your rate. Our team doesn’t control rates.

So why the increase? Part of it dates back to the Pandemic. We were all given a “breather” when the NYS Insurance Department wouldn’t let insurance companies raise rates and now the companies are catching up.

Additionally rate increases are due to:

  • The costs of insurance claims have increased. Because of supply chain issues, labor shortages and inflation, it just costs more now to repair your vehicle and your home.
  • In 2023, there was a record-breaking year increase in vehicle theft; New York ranks seventh in the nation for states with the highest theft percentage increase. Rampant theft is affecting insurance rates.
  • Social inflation is on the rise. Social inflation – very simply – describes the way in which sympathetic juries are awarding higher court settlements. Higher court settlements are affecting insurance rates.

But! There’s good news. There are steps you can take to save money on those rate increases:

  1. Take an online Defensive Driving Course (Save an additional $12 by using promo code “ECCOOPER12“) to save 10% off your insurance premium, good for three years! Visit our website for the link and discount.
  2. Call EC Cooper Insurance Agency to:
    • Review your policy. We’ll make sure it’s rated correctly and that you’re taking advantage of all available discounts.
    • Combine all of your policies with one carrier. Most insurance companies give substantial discounts if they carry all your insurance.
    • Discuss removing Comp and Collision on your older vehicles.
  3. Increase your deductibles. Your annual payment will be much lower.
  4. Avoid monthly fees by converting your monthly payment to Electronic Fund Transfer (EFT).
  5. Better yet, pay your annual premium in full. Most insurance companies give substantial discounts if you do.
  6. Don’t submit claims under $1,000. Don’t give the companies any reason to increase your rate.
  7. Before buying a new car, call us to see the insurance increase. It makes a difference.

Call EC Cooper Insurance Agency. Let’s talk about your insurance coverage. Our team will work very hard to save you money. It’s where we shine!