Auto insurance premium determination

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Posted: Tue Mar 02, 2010 11:35 am Post subject: Auto insurance premium determination

I've often observed that the insurance rates could be different for two cars of the same age. How's it possible? I wonder how the insurance carriers would arrive at different rates for even brand new cars! _________________ Register Now to have your Insurance queries solved.

Bulgeinhead

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Posted: Tue Mar 02, 2010 11:55 am Post subject:

The type of vehicle, it's safety rating, safety equipment, the area you live in, % of the theft rate, etc can all be used in determining rates.

Trench

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Posted: Wed Mar 03, 2010 7:03 am Post subject:

I've heard that different cars fall under different auto insurance groups. So, one important factor has to be the type of your car. _________________ AmPmInsure Blog

sil

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Posted: Thu Mar 04, 2010 11:39 am Post subject:

Quote:

I've heard that different cars fall under different auto insurance groups.

There are around 20 such groups.

The value of the car that you've purchased would be one deciding factor. It affects the replacement cost as well as the charges associated with the repair works.

roddick

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Posted: Thu Mar 04, 2010 12:57 pm Post subject:

Generally what Trench has said is correct, there are many factors which depends on this such as, the color, Engine, how safety it can provide you, are there any technical problems associated with any one of this.. like so many other different issues are present!!!

dorothykinder

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Posted: Fri Mar 05, 2010 6:09 am Post subject:

Repair works are often affected when the car frame is not easily available. It's now a known truth that more of insurance claims would arise out of high-speed cars as well as cars that gain higher momentum.

steven

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Posted: Sun Mar 07, 2010 9:57 pm Post subject:

If you are comparing them with different insurance companies then it is very possible. Each insurance company has their own criteria they use to determine the premiums they charge. If you are looking to compare rates across different insurance companies there are plenty of online insurance agencies that will help you see the differences. One that I know of is frogdogquotes.com _________________ Register Now to have your Insurance queries solved.