One of the biggest risk
factors insurers use is past and present tobacco use, and the life insurance application will include questions about smoking and other risky behaviors.
Part of the process of underwriting and setting rates is taking a look at the driver's past to gauge the
risk factor the insurer will face in taking them on as a customer.
Your occupation and the locations where you typically drive each are important
factors insurers take into consideration.
If you want to save money on your home insurance policy, it helps to understand the
key factors insurers use to measure your risks and calculate your rates.
There are several
other factors insurers consider when determining your premium (price) for your insurance policy.
When you are comparing auto insurance quotes you want to make sure of the
main factors insurers are looking for to determine your rate.
If you want to save money on your home insurance policy, it helps to understand the
key factors insurers use to measure your risks and calculate your rates.
Robert Passmore, director of personal lines for Property Casualty Insurers Association of America, says that some states set limits on
what factors insurers can use in the underwriting process, including marital status and gender.
When talking to an insurance rep, ask about how your credit and C.L.U.E. reports are affecting your rates, as well as how your vehicle is rated by the I.S.O., an agency that sets risk
assessment factors insurers use.
There are many
determining factors the insurer is going include and if a parent adds the younger driver to the policy the insurer may assign more risk to the multi-policy since the young driver is considered higher risk.
To better comprehend auto insurance quotes, here are some of the
usual factors insurers consider when they offer their products:
Snyder also claimed the CFA analysis ignores many other
factors insurers take into consideration, such as traffic congestion, which he said «are more important in predicting loss.»
In addition to the type, amount and duration of insurance, there are several personal risk
factors the insurer considers to determine if you qualify for life insurance and how much to charge for your policy.
Consumers still don't understand
the factors insurers use to determine home insurance premiums.
Here are
some factors your insurer may consider.
However, there are
some factors all insurers will look for.
Some of
the factors an insurer looks at are: make and model of vehicle; credit score; driving history; age, where you live; and how many miles you plan to drive per year.
Every insurer has its own guidelines and while most of
the factors an insurer takes into consideration are the same from company to company, each insurer assigns its own weight to these factors.
However, recent market trends suggest that your score may also be
a factor insurers are beginning to use more frequently when determining the premium on renters insurance policies.
Another factor insurers consider is the driver's driving history.