Interesting Auto Insurance Rating Facts!

Common statements we hear from time to time with respects to auto insurance premiums :

“I pay $85.00 a month for full coverage , I must be overpaying as a quick online quote indicated $57.00 a month “.

“I spoke with a friend and they pay only 67.00 a month, while I pay 91.00, I think you ( the broker ) did something wrong”.

The truth is you and your neighbor can have the exact same car and ” full coverage ” and yet pay much different premiums ….how can this be?

Answer :

Credit is directly related to insurance rate. Better credit, better rate.

Full coverage means VERY different things to different folks. Just because the car is covered for damage on both policies , your liability levels can be very different based on assets and needs. Also coverage like PIP , towing, rental car coverage all effect rates.

Where you live effects rates. More dense areas like Seattle pay more than areas like Bainbridge or Poulsbo. They use zip codes for this determination.

Do you commute , pleasure drive , or use car for work? All effects rates.

Driving record, age of drivers, number of drivers, this all will reflect in the rates.

How you pay….pay in full is usually 5% to 15% less than monthly payments .

This is just a general overview, but as you can see no two risks are identical and many many things dictate rate.

** Before you simply move carriers for price,
make sure they are truly offering comparable coverage. You don’t want a terrible surprise come claim time.

Food for thought!!