Insurance Pricing

Insurance policy premiums differ from person to person. Your insurance premiums are unique and individualized to you. Even if you and your neighbor had the same car or house, your insurance premiums would still be different.

Factors that affect the cost of your insurance:

Previous Claims – Insurance companies look back 3-5 years for claim history. Having previous claims will cause your insurance premiums to be higher.

Location – Where you live can affect your insurance premiums. Companies use claims statistics to determine insurance pricing for each zip code.

Credit Score – Your credit score can make a difference in your insurance premiums. Those with poor credit scores are charged a higher premium by insurance companies.

Auto Insurance Pricing Factors

In addition to the factors listed above, the following factors can also affect the cost of your auto insurance:

  • Age
  • Gender
  • Marital Status
  • Driving Record
  • Type of Vehicle
  • Vehicle Use
  • Annual Mileage Driven
  • Coverage Selections
  • Deductible Selections

Check out our blog titled – How Are Auto Insurance Rates Calculated? – for a closer look at how these factors affect your auto insurance rates.

Did you know there are discounts available to lower the cost of your auto insurance policy? Check out our blog titled – Car Insurance Discounts.

Home Insurance Pricing Factors

Additional factors that affect your home insurance rates:

  • Replacement Value of Home
  • Age and Construction of the Home
  • Distance from Fire Department
  • Coverage Selections
  • Deductible Selections
  • Roof Condition
  • System Updates (electrical, plumbing, heat)