1 / 3

The Top Factors Affecting Auto Insurance Quotes

The type of insurance and the coverage needed. Even though it may be boring to shop for car insurance online, it is the single best way to lower your premium. Since insurers use different factors and formulas to rate risk, prices can vary a great deal between companies.

sanjay2014
Download Presentation

The Top Factors Affecting Auto Insurance Quotes

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The Top Factors Affecting Auto Insurance Quotes Even if we are happy with our car insurance coverage, it is a good idea to shop around occasionally to see if we can get a better deal on price or coverage. On average, between 15 and 25 percent of people shop for new auto insurance annually. Most insurance companies report customer retention rate in the upper 90th percentile. Drivers may be paying too much for their motor vehicle insurance. There are several factors affecting car insurance premiums. These include: The type of insurance and the coverage needed. Even though it may be boring to shop for car insurance online, it is the single best way to lower your premium. Since insurers use different factors and formulas to rate risk, prices can vary a great deal between companies. With all these price differences, it helps to use your computer to sort through and identify all the best policies and quotes based on your personal needs. It is a good idea to do an online comparison at least once a year. The best time is right before your current

  2. insurance renews. Another good time is when a driver falls off your policy or if a ticket or accident is removed. You may also want to shop around for new insurance if you move, get married or add a driver. Today, almost all insurance companies use your credit score to help determine your premium. The only state where this practice is not allowed is California, Massachusetts or Hawaii. Age and birth date are also important factors in determining your insurance premium. If you are younger or older than the average driver, your insurance rates may be more expensive. Marital status is another factor insurance companies use to determine your insurance premiums. If you are married, insurance companies consider you less of a risk than if you are single. There are even situations where an insurance company will lower a customer’s premium even if they are under age 25 as long as they are married. Vehicle type is a big factor in the amount of your insurance premium. If your vehicle is more likely to be stolen or if you use it in any type of commercial practice, your insurance company will factor in this information and it may result in a higher premium. The number and age of the licensed drivers can also impact the cost of your insurance premiums. It is important to tell your insurance company about all the licensed drivers in your household, even if they do not drive your vehicle. This is because the insurance company may deny a claim if someone not listed is in an accident while driving your car. As soon as a teen in the family gets their license, they should be added to the policy.

  3. The driving records of these drivers are also an important factor to insurance companies. If you or anyone driving your vehicles has a record with tickets or accidents, it can significantly raise your rates. These are the primary factors affecting auto insurance prices. There may be others depending upon the insurance company, but knowing and understanding these will help you get started on finding the best insurance coverage at the best price. [Source:https://carinsuranceinindia.quora.com/The-Top-Factors- Affecting-Auto-Insurance-Quotes]

More Related