Risk factors are key details that form part of an insurers calculation of the risk of offering insurance that can impact the price they offer, these include things like; your address, your vehicle, your voluntary excess, previous claims and criminal charges.
Global changes that can impact the price of your policy include; war, political changes, market changes, price of materials or material shortages, changes in trade agreements between counties.
Environmental factors that can impact the price of your policy include; climate change, resource availability and the cost of resources.
Changes in your policy can impact the price of your insurance include; if you’ve made a claim, or had a claim added to your policy that wasn’t included when you purchased or last renewed your policy, increased your cover or reduced your cover or your no claims discount has improved or been reduced.