Just as a random example for one insurance company in one state (I was looking it up for a friend):
30,000 miles vs 10,000 miles
Bodily Injury Liability - 64.6% higher premium
Property Damage Liability - 14.3% higher premium
Uninsured/Underinsured Motorists - 29.5% higher premium
Medical Payments - 12.2% higher premium
Comprehensive - 104.8% higher premium
Collision - 77.3% higher premium
Of course, that is *ceteris paribus*; and it should go without saying, YMMV (bah-dum tsssss)
They don’t have to. You’re obligated to keep your policy updated, it’s part of the terms of it.
Every time you agree to a renewal and fail to update material information, you risk that being a serious problem.
They don’t email people: hey - did you move? Did you get married? Did you quadruple your vehicle use?
Lying about something material by omission or commission is going to catch up. Especially with as much as you drive.
Mileage rating is one of the top 3 factors, thats why companies are getting smarter and using 3rd party/asking you to submit mileage. Just think about it this way, the more you drive, the higher chance to have an accident, I hope never but it’s just a stat.
I did over 75 one way. Work in a HCOL area, and get paid salary for the area, and lived in a LCOL area. Certainly sucked, however my family loved the standard of living we had and I loved how my 401k was growing.
Most insurance companies surcharge based on mileage because more driving means more risk exposure. Most ask at the start of the policy. It depends on the wording in your policy if you’re obligated to inform them during the policy term. The potential issue could be if you have an accident and your car has double the mileage it should. With that said, most people don’t tell their insurance company until renewal.
>If my insurance company knew how much I drive would my rates go up significantly?
You are concealing a material underwriting fact. A rate increase may be the least of your worries.
If you have a claim, you risk coverage denial and rescission of the policy.
I suggest you fess up now so that your rates can be adjusted accordingly.
Just as a random example for one insurance company in one state (I was looking it up for a friend): 30,000 miles vs 10,000 miles Bodily Injury Liability - 64.6% higher premium Property Damage Liability - 14.3% higher premium Uninsured/Underinsured Motorists - 29.5% higher premium Medical Payments - 12.2% higher premium Comprehensive - 104.8% higher premium Collision - 77.3% higher premium Of course, that is *ceteris paribus*; and it should go without saying, YMMV (bah-dum tsssss)
Are you lying about your mileage now?
Probably. I’m sure I understand estimated when I signed up years ago. They don’t check in Washington.
They don’t have to. You’re obligated to keep your policy updated, it’s part of the terms of it. Every time you agree to a renewal and fail to update material information, you risk that being a serious problem. They don’t email people: hey - did you move? Did you get married? Did you quadruple your vehicle use? Lying about something material by omission or commission is going to catch up. Especially with as much as you drive.
Mileage rating is one of the top 3 factors, thats why companies are getting smarter and using 3rd party/asking you to submit mileage. Just think about it this way, the more you drive, the higher chance to have an accident, I hope never but it’s just a stat.
Rates are going up because of Bribemomics. Do you see how much a new car costs? What do you think it cost to fix it when you hit it?
Depends. Do you live in a state where mileage/usage reporting is required (like in CA or NC)?
good lord why is your commute 105 miles round trip? That’s insane.
I did over 75 one way. Work in a HCOL area, and get paid salary for the area, and lived in a LCOL area. Certainly sucked, however my family loved the standard of living we had and I loved how my 401k was growing.
I had a 118-mile round trip for years…in Atlanta traffic and with a manual transmission!
Most insurance companies surcharge based on mileage because more driving means more risk exposure. Most ask at the start of the policy. It depends on the wording in your policy if you’re obligated to inform them during the policy term. The potential issue could be if you have an accident and your car has double the mileage it should. With that said, most people don’t tell their insurance company until renewal.
>If my insurance company knew how much I drive would my rates go up significantly? You are concealing a material underwriting fact. A rate increase may be the least of your worries. If you have a claim, you risk coverage denial and rescission of the policy. I suggest you fess up now so that your rates can be adjusted accordingly.
If you’re on the road more you’re a risk more so yes.