Your State Farm rate could have gone up for many reasons, such as a recent claim or a new driver being added to the policy. Other factors that could cause State Farm to raise your rate include getting into an accident, being convicted of a moving violation, and adding coverage to your policy. State Farm may also raise your premiums for reasons that are beyond your control, such as recent natural disasters, increasing repair and healthcare costs, and crime trends.
Top Reasons Why State Farm Raises Rates
- Recent claims
- New driver or car added to a policy
- Moving violations
- At-fault accidents
- Increased coverage
- Lower deductible
- Recent switch to an expensive car
- Relocation to a high-risk ZIP code
- Decline in creditworthiness
How to Lower Your State Farm Insurance
If you're struggling to afford your State Farm premium, there are a few steps that you can take to lower your rate. You can start by looking for State Farm discounts that you can qualify for, such as the multi-policy or anti-theft discount. You can also make changes to your policy, including raising your deductible and reducing your coverage.
Another option is to switch insurance companies. Each insurer calculates rates differently, so you may be able to get the same amount of coverage elsewhere at a lower price. As a general rule, you should get quotes from at least three different companies every 6-12 months to make sure that you're still getting the best deal.
To learn more, check out WalletHub's guide to the factors that affect car insurance, as well as our picks for the cheapest car insurance companies.