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You and your next door neighbor may drive similar vehicles and have the exact same auto insurance coverage from the exact same provider, but your premiums may be drastically different. Why?
To determine your premium, your auto insurance company uses a complex algorithm that takes countless factors into consideration. Some of those factors are obviously related to driving, such as how many speeding tickets you’ve had and when you received your last one, the age and type of vehicle you drive, and how many insurance claims you’ve filed in the past.
Other factors seem completely unrelated to your driving habits, such as your age and gender, occupation and marital status. If you have a teen driver on your policy, they may even look at their grades in school.
All of these factors come together to paint a picture of who you are and how likely you are to file an insurance claim. In other words, if you are a 25-year-old unmarried male with a lead foot and an affinity for expensive cars, you’re going to pay more for insurance than your married counterpart who has a sparkling driving record and drives an old clunker. The more likely you are to file a claim and the more money that your insurance provider is likely to pay out on your behalf, the higher your premium will be.
You may notice that your premium can change from year to year. That’s because if even one factor that affects your rate changes, say, you got married, bought a house, or changed careers, your premium is re-calculated.
Your auto insurance premium is based on a wide array of personal factors. Here are 13 things that your auto insurance provider considers when calculating your premium.
Obviously, the level of coverage you choose will have the most significant impact on how much your coverage costs. The more money an insurer could potentially pay out on your claim, the more money you’ll pay for your coverage.
Generally speaking, older drivers are less likely to be in a collision and therefore enjoy more affordable premiums. Younger drivers, on the other hand, typically pay the most for coverage.
In Nevada, auto insurance companies can base their rates partly on a policyholder’s gender. Because men are statistically riskier drivers, they typically pay a higher auto insurance rate than women.
As a whole, married drivers are safer drivers and therefore pay less for auto insurance coverage than their unmarried counterparts.
Not only do drivers with clean driver’s histories qualify for better rates, but they are also often eligible for discounts for good driving, which can save a significant amount of money each month.
There are numerous health insurance options and navigating the system can feel a little daunting. Unfortunately, scammers take advantage of people’s confusion by pretending to offer cheap, hassle-free help with obtaining health insurance coverage.
This also applies to damage that occurs after the accident. While you may consider the damage from the accident and the damage from the tow truck to be all one incident, your insurer will view it differently.
If your friend was hit by an insured driver, the process will be simple enough. The at-fault driver will file a claim with their insurance company, who will pay to get your vehicle back to pre-accident condition. If the collision was bad enough to cause an injury, the at-fault driver’s auto insurance could also cover medical bills, lost wages and any other expenses associated with the accident.
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Because past behavior is indicative of future behavior, drivers who frequently file claims will pay more for their coverage.
Studies have shown that drivers with credit scores under 600 are more likely to be involved in a collision. For this reason, insurers factor your credit score when determining your premium.
Different geographic locations have different exposures to risk, resulting in varying auto insurance rates.
Inexperienced drivers pose a greater risk to the insurer and will automatically pay more for auto insurance coverage, regardless of their age.
Any lapse in coverage will result in a higher monthly premium, and don’t forget we have penalties here in Nevada from the DMV if there is any lapse in coverage. In Nevada it’s best to carry, at a minimum, liability coverage. If you don’t have at least liability coverage, when you do come back into the market to get a policy, you will pay higher rates; at least initially for the first 6 months or so. Drivers who have never had a lapse in their auto insurance coverage are statistically less likely to be involved in a collision. Keeping at least state minimum liability coverage will keep your rate down lower than if you decide to not carry any insurance at all.
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If you drive a vehicle that is more likely to be stolen, you can expect to pay more for auto insurance coverage. The age of a vehicle also affects the rate. The bells and whistles in your auto may cost more to insure because it would cost more to replace. Year, Make, Model are some of the many factors in premium costs.
Your auto insurer will want to know why you’re driving your vehicle. If you drive every day to work or school, your exposure to risk is greater than that of someone who only drives once a week to go to the grocery store.
The more time you spend on the road, the more likely you are to get into a collision. Therefore, those who put more annual miles on their vehicle than the average driver pay a higher premium.
Our auto insurance agents can help you get the best coverage for the best deal on auto insurance coverage. Contact us today to talk about your driving habits and needs, and we’ll help you understand your options.
Are you worried that you’re overpaying for auto insurance? We can help you review your coverage and see if you qualify for any discounts.
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Renter’s insurance covers your personal property. If your property is damaged due to a covered peril such as a fire or theft, then you are compensated for your loss up to your policy limits. There are a variety of risks and events covered by renters insurance.
A high-risk driver is one who is more likely to file a claim. To determine your riskiness, your auto insurance company uses a complex algorithm that weighs in a variety of factors to come up with your auto insurance score.
Telemedicine puts healthcare within reach of those who would otherwise have a difficult time visiting a doctor. If you have a severe sinus infection, the last thing you want to do is spend the afternoon in the doctor’s office.
Do you have car damage that needs to be repaired or parts that need to be replaced? You may assume that the repairs will be done using OEM parts, which means “Original Equipment Manufacturer”, but this isn’t always the case so make sure to review the coverages you have in your auto insurance policy.
Renter’s insurance covers your personal property. If your property is damaged due to a covered peril such as a fire or theft, then you are compensated for your loss up to your policy limits. There are a variety of risks and events covered by renters insurance.
A high-risk driver is one who is more likely to file a claim. To determine your riskiness, your auto insurance company uses a complex algorithm that weighs in a variety of factors to come up with your auto insurance score.
Telemedicine puts healthcare within reach of those who would otherwise have a difficult time visiting a doctor. If you have a severe sinus infection, the last thing you want to do is spend the afternoon in the doctor’s office.
Do you have car damage that needs to be repaired or parts that need to be replaced? You may assume that the repairs will be done using OEM parts, which means “Original Equipment Manufacturer”, but this isn’t always the case so make sure to review the coverages you have in your auto insurance policy.