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Factors That May Affect The Premium

Michael Agruss

Written and Reviewed by Michael Agruss

  • Managing Partner and Personal Injury Lawyer at Mike Agruss Law.
  • Over 20 years of experience in Personal Injury.
  • Over 8000+ consumer rights cases settled.
  • Graduated from the University of Illinois Chicago School of Law: Juris Doctor, 2004.
There are a lot of factors that may affect your auto insurance premium. Normally, car insurance companies use rating factors to group you with other drivers with similar risks. The insurance carriers will then impose rates for each group based on the claims paid by the policyholders in that group.

The following are the typical factors auto insurance companies consider during the evaluation of your premium:

  • Driver information – personal information like your age, gender, and marital status may affect your premium. Less experienced or younger drivers are more likely to pay a higher premium than experienced drivers.
  • Coverage limits – higher coverage means a higher premium.
  • Credit history – another deciding factor for insurance carriers is your credit history like total credit and credit card transaction history.
  • Driving record – expect that your past driving tickets and accident history will be factored in calculating your premium.
  • Household driving information – since most vehicle insurance covers your entire household, your family’s driving information and record will also help determine your coverage premium.
  • Location – your area may also affect your premium; larger cities have more instances of theft, vandalism, and traffic which adds to your risks.
  • Type of vehicle – some vehicles are riskier to have than others and will cost more to repair or replace.
  • Vehicle usage – the distance you travel to and from work and the mileage on your vehicle may also affect the premium.
Estimates may be done for you but carriers will require your complete information to assess and determine the final calculation for your premium. Read on helpful tips when shopping for insurance to help you understand how

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