Why does my insurance become more expensive when it's time to renew? Â

Why does my insurance become more expensive when it's time to renew?  

answers 0:Why does my insurance become more expensive when it's time to renew?answers 1:Because the costs of replacing what you are insuring always goes up.answers 2:Why does the cost of milk increase over time??answers 3:Costs of business and cost of claims goes up annually. Therefore, premiums go up annually.answers 4:Doesn't matter what kind of insurance you have - medical, auto, renter's, home owners, dental - they ALL go up every year because the value of the items they cover goes up every year. Even if you have the same old car, it costs more because parts and labor costs more if something goes wrong.answers 5:Mine does too latey. They say its related to their overall loss ratio.answers 6:Prices, in general, rise. Many people are too lazy to shop around and just a! ccept that if they had a good deal last year that it's likely a good deal this year even with an increase.answers 7:What kind of insurance are you referring to? Medical? Auto? Homeowner's? Long term care? We are not clairvoyant.The common sense answer is that premiums go up when it becomes more costly to do business (pay employees, cover claims, etc.) or when it becomes more likely that you will file a claim....answers 8:Because the things that insurance covers also gets more expensive. No different than anything else. If you increase the cost of the input, the cost of the output also increases. Also the reason McDonald's employees get replaced with self-serve kiosks.answers 9:Because as you go up in age the cost of insuring you becomes greater.answers 10:Because market prices are rising