How are car insurance rates determined?

Question

How are car insurance rates determined?

Answer 1

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Answer 2

The following is the basic determining factors for your auto insurance rate:

-The number of years experience you've driven

-The type of car you drive

-The number of miles you drive

- If you car is parked inside a garage or on the street

- statical analysis for accidents and theft in your area

- if your car is financed or not.

Answer 3

-The number of years experience you've driven

-The type of car you drive

-The number of miles you drive

- If you car is parked inside a garage or on the street

- statical analysis for accidents and theft in your area

- if your car is financed or not

-- Quoted from above --

Also credit score, age, gender, age of car, and in some cases even ethnicity.  Whether your car is financed or not actually has no bearing on it.  However the loan usually stipulates that you must have full coverage.

Insurance is the only industry legally aloud to discriminate on those factors.

Answer 4

Past experience.

Projected losses.

Investment returns.  (The company invests its assets in the stock market and other places.)