Like many insurance providers, Geico modifies premiums according to a number of criteria. An accident is a frequent cause of a premium hike. You might not even be at fault if your rates increase. For instance, Geico can consider you to be at higher risk if you are involved in a small collision. This can cause your premium to go up. Additionally, Geico may increase your premiums if you make numerous claims. This is because filing a claim increases the likelihood that you will file another in the future.

Your residence is another consideration. Geico bases its rate calculations on location. Your premium may increase if you relocate to a place where there are more accidents or crime incidents. For example, you can see an increase in your insurance premiums if you relocate from a small village to a bustling city. This is due to the fact that accidents and thefts are more common in cities. Geico modifies its rates to account for the elevated risk.

Your rate may be impacted by your credit score. Like a lot other insurers, Geico evaluates risk using credit ratings. Your premium may go up if your credit score declines. For instance, your credit score may drop if you don't make your credit card payments on time. If Geico determines that you pose a greater risk, your rate may increase. Maintaining a high credit score is essential to preventing unanticipated rate increases.