Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
Auto insurance rates are based on several factors. The clients driving history and experience, location and type of vehicle. Now there are other things taken into consideration which would be multi-packaging polices with the same company, multi-car, education and so on. An insurance company will take all this information and make a calculated rate based on all this criteria to determine a premium. So for example if you are a single male 25 years old who has been driving since 16 with no tickets or accidents and a college graduate driving a 2013 BMW the insurance company will take this information and come up with a rate. Now lets say the single male wants collision and comprehensive coverage and at least 100/300/100 liability limits on his policy for his $40,000 vehicle. The insurance company says if you pay us $600.00 for six months (just a number I made up) we will insure your car is covered up to the actual cash value and we will pay for any property damage you cause and bodily injury up to the limits you purchased. In a worst case scenario the single man can cause an accident (assuming he is liable) that could pay out as much as $440,000. I would say this is a pretty inexpensive way to protect yourself.
COMMERCIAL SPECIALIST, Victor Gamez Insurance Agency, Lubbock, tx
Insurance companies are a little more expensive because of the rising cost of materials as well. You dont want an insurance company that can not pay a claim. They fluctuate to compensate for the rising cost in materials and labor to fix your vehicle. As long as your rates dont go up too much, then it should be ok. It only goes up quite a bit when you have tickets or accidents.
Principal Agent, First Insurance Agency Inc, United States
Several factors affect car insurance rates, among them claims and violation history within the last 36 months, the age of all drivers in the household, the location of the risk, type and value of vehicle being insured, marital status of the insured and drivers, credit rating of named insured in Maryland and most states, use of vehicle,
These discount may also impact your rates:
prior insurance
home owners
good student
multiple car
marriage
prior higher liability limits
at least 6 months of prior coverage
educational level
profession and job type
length of time licensed
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These discount may also impact your rates:
prior insurance
home owners
good student
multiple car
marriage
prior higher liability limits
at least 6 months of prior coverage
educational level
profession and job type
length of time licensed