>Like prices for everything else in the world is going up right now so would that cause my insurance rate to increase?

Essentially this.

Risks are pooled in the insurance world. Your premium will rise or fall (lol) depending on the cost to pay claims associated with your pool. The frequency of accidents, break-ins, etc. in your market will determine how high the premium is, along with the cost of covering those events. When the costs associated with mechanical and body repair rise (as they have), the premium will rise as well.