Last year, I insured my bike with $1m liability. My papers say it's rate class 311, cost is $468 for the year (yes, it's an old bike).
This year, I insured my bike with $200k liability. The papers say it's rate class 312, cost is $964 for the year.
Does that make any sense? I kept the declared value the same this year, dropped the liability level, and everything else the same. Why did my rate class change? And does it make sense that the premium went up that much?