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How is my car insurance premium calculated?
I really don't understand how my insurance company is deciding the amount to bill me. How is my car insurance premium calculated?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“
Car insurance
premiums are calculated using a number of personal factors based around how high a risk a driver is and the type of coverage you want.One factor that goes into your premium is your age. Since they are less experienced, younger drivers are likely to have higher premiums. Elderly drivers are also typically more expensive.
Your driving record also affects your premium. A history of accidents, tickets, and claims will make your premiums rise, while a history of
safe driving
will probably make your premiums lower.Your type of coverage will also affect your premium. If you have cheaper coverage and less protection, your monthly costs will be lower. This will affect your payouts if you ever have to make a claim, however.
Finally, a slew of personal information will be factored in. This includes gender, credit score, medical history, and other things.
If you’re unhappy with what you’re paying for your premium, use insurance broker
Jerry
to switch your coverage! Jerry is free, and can compare quotes from the fifty top insurance companies in only seconds.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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