When determining rates, companies analyze a multitude of socio-economic factors. Age, gender, employment status and driving history are top influential factors.
- Understand and analyze which factors influence rates the most. Companies analyze multiple factors when calculating rates. The most influential factors are car’s make and model, driving history, demographic factors, recent claims and traffic violations and coverage options. All these variables are added in a rates calculator and the client will be presented with an insurability score and a quote. Each factor is relevant. For example, good students are considered more responsible and benefit from a series of discounts.
- Analyze your risk profile and look for carriers that will provide coverage. For Standard and Preferred drivers, the insurance process is really simple. Make a list with top reputable companies and get quotes for each one of them. Things get complicated when it comes to providing coverage for high-risk drivers. They must find non-standard carriers, get quotes and compare prices. In this case, comparing multiple online quotes is a must. Otherwise, the driver risks overpaying for already really expensive premiums.
- Use brokerage websites to get and compare multiple estimates. There will be many smaller, more local companies included in those quotes obtained from brokerage websites. But in many cases, smaller companies offer top competitive services at lower costs. It really pays to shop around and not limit the options to just 2 or 3 companies. Furthermore, all results are obtained using the same data and for the same product. This gives no room for errors. Clients who use brokerage websites can quickly sort offers by prices. But do not be guided only by price. Check what other benefits and bonuses can be obtained by applying to each offer.
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