What Facts Do Insurance Companies Base Their Rates Upon?

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Insurance companies base their rates on an unfortunately large number of facts. Learn about which facts insurance companies base their rates on with help from an insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

Hi, I'm Brian Rauber with The Rauber Insurance Agency. Today's topic is what factors do auto insurance companies use to base their rates upon. Each carrier uses several factors and weighs them differently. Here are five factors to consider. Personal characteristics such as age, gender and marital status, your driving history. They may run a motor vehicle report to determine your driving record. Prior coverage history, have you had continuous liability coverage and what limits did you carry. Your credit, your credit can be an incredibly predictive underwriting tool and it shows a correlation between your credit and the likelihood of turning in a claim. And last is your vehicle, the type, value and safety features or your vehicles will help determine your rate. I'm Brian Rauber. Thanks for watching.

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