The premium you pay can be influenced by a range of factors, including claims data, your claims history, your location, your listed drivers, the type of vehicle you own, your car’s agreed value, and more. This means that each year, your renewal premium can change, even if your personal circumstances haven’t.
It’s important to note that your agreed value only applies in the instance of a total loss claim. As the vast majority of claims are not a total loss, your agreed value doesn’t affect your premium as much as you may think. For example, a 10% reduction or increase in your agreed value does not equate to a 10% equivalent change in your premium.
If you have any questions or want to explore ways to better manage your premium, please let us know. We’re here to help.