In most states insurance companies allowed to set up their own rates and do so by using certain risk factors to calculate a driver's auto insurance rate. These factors are important because statistically they can help determine those motorists that will be more of a risk for an insurance carrier and thus their rates will be higher. The factors are important for a driver or policyholder to know so that they know on what criteria their rates are set.
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Risk factors help insurance companies determine the premium rates as accurately as possible. There are many risk factors. Here are a list of some primary factors that most insurance companies use:
- Age
- Gender
- Marital Status
- Geography
- Driving Record
- Claims History
- Vehicle Type
- Occupation
- Education
- Miles driven each year
- Years of driving experience
- Type of vehicle use (business, personal, commuting, etc.)
- Current insurance and current insurance limits
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