Have you ever wondered why your auto insurance rates are going up or down? Or why you live in a state with the most expensive premiums where other states could be significantly less? There are literally thousands of variables that affect these auto insurance rates. Below are some of the largest variables of the bunch.
Each and every US State have devised their own rules and regulations for auto insurance and furthermore their legal systems differ in how they treat legal claims all contributing to potentially the largest difference in premiums between states. For example Michigan's No Fault auto insurance provides the most benefits to injured drivers of any state in the US, it also has the most expensive insurance premiums. With double the national average in premiums are these added benefits worth it?
States decide whether they are no fault, at fault and what their expense recovery rules are including pure contributory negligence, pure comparative fault or modified comparative fault. These rules contribute to how much money an insurer pays out for claims. If these amounts are higher than other states, you can be assured your premiums will be higher too.
Where you live can also have a huge impact on your insurance rates. Not only the difference between rural and urban, but also whether you live in "Tornado Alley" or in a Hurricane zone, in winter weather states or by the ocean. All these items have their part to play in premium pricing. More claims due to extreme weather damage will increase your costs for comprehensive coverage. However, the congestion that creates more accidents in cities can also raise those rates as well. Conversely though, competition can lower rates in cities or larger population states where more insurance operators can compete for a share of the business.
Lastly, all the factors surrounding your own life have an impact on insurance premiums. Do you get good grades in school? Is your career a dangerous one, or one that centers on driving a vehicle? Did you take driver's education or have a traffic violation recently? Whether you are male or female, married or unmarried, over 25 or over 70 or even if you have a good credit score can affect insurance premiums. Some you can control, others you cannot.
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