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What are the Primary Factors That Cause My Car Insurance to Go Up?
Jeff Ryan
May 12, 2022
There are plenty and here is a good summary
This question is one that has been asked and re-asked in our agency a number of times. Please see one of my previous answer here:
As a short recap, the major factors influencing the cost of auto insurance are:
- Credit History or more specifically - Insurance Score
- Claims History
- Driving Record
- Continuous Insurance Coverage
- Garaging Location
There are some other important factors that include:
- Your Age
- Your Gender
- Your Years of Driving Experience
- Vehicle Make/Model/Submodel
- Coverage Limits
In addition to the factors listed above, there is another set of factors that can come into play and that have a lesser impact on the cost of car insurance, including:
- Your Occupation
- Your Education
- Your Previous Limits of Liability
- Your Marital Status
- Your Vehicle's Use
- Your Miles Driven Annually
Have additional questions about your auto insurance and how you may be able to save money? Please feel welcome to contact us by dialing (607)324-7500, or via any of the information found by clicking here,
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.
