Key Factors That Affect Car Insurance Rates | HUB Insurance Hunter Blog
While most people understand that it is important to get an auto insurance quote to save money on their insurance, they often are not familiar with all of the factors that are used by car insurance companies to determine their rates. When you know this information, you will better understand how insurance rates are determined and what you can do to help lower your rates.
Factors used to create car insurance quotes
There is no shortage of factors that are used by insurers to create a rate schedule. Here are some of the most common factors that are considered when insurance companies formulate auto insurance quotes. They include:
- Driving record
- Vehicle details
- Drivers listed on your policy
- Coverage details
- Driving details – how far and how often
These are only some of the factors that are used by car insurance companies. But, keep in mind that every insurance company has their own methods to determine auto insurance rates and how rates are determined are also impacted by where you live in Canada and the rules that are put in place by the provincial government.
This is why it is important to get a quote and weigh your policy options. You need to compare your options so you will be able to find a policy that makes sense for your specific situation.
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