Policy anniversary letters, why does the premium always go up?
This is a common comment I hear from clients, that and 'It's got too expensive can you do some thing about it?' If you are a Willowgrove client you are likely to be getting your first or possibly your second anniversary letter from the insurance company, so this is relatively new for you, if you did not have insurance cover before we met.
The simple answer to the title is; you are a year older and age is part of how the insurance company assess risk. Bluntly put, being a year older the chance of you claiming has increased.
What is not always understood with the annual policy renewal is your cover level has probably increased too. In recent times the level of cover increases have been up as high 5% inflation, though the last couple of years have been a bit lower.