-------------------------------
“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
Submit an insurance-related question to “Ask Jeff”.
-------------------------------
Get in touch
555-555-5555
mymail@mailservice.com
Why do I pay so much for auto insurance when me and my family have no accidents or tickets?
March 2, 2017
There are numerous factors that influence your auto insurance premium in addition to accidents and tickets. Every company weighs factors differently using complex rating schemes that are proprietary and unknown to the consumer. There are however some factors that are frequently used that make for significant differences in premiums between auto insurance buyers. Here are some of those factors ranked Continue Reading
There are numerous factors that influence your auto insurance premium in addition to accidents and tickets.
Every company weighs factors differently using complex rating schemes that are proprietary and unknown to the consumer. There are however some factors that are frequently used that make for significant differences in premiums between auto insurance buyers.
Here are some of those factors ranked in what I see as having a major versus less than a major impact on auto insurance rates in addition to motor vehicle records (accidents & violations):
MAJOR FACTORS:
OTHER FACTORS:
Less Important Factors:
Those are some of the factors, major and otherwise, that influence your auto insurance premium.
If you are seeking sound strategies that you can employ to reduce your auto insurance focus on those that you can control. This information is key to making a difference in your rates going forward.
Looking for a way to immediately determine if your current rates are reasonable?
Shop.
Originally Posted on Qoura: https://www.quora.com/Why-do-I-pay-so-much-for-auto-insurance-when-me-and-my-family-have-no-accidents-or-tickets
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
