This is one of
the major factor an insurer is looking for.
Not exact matches
There are three
major risk
factors with
insurers: the underwriting cycle, investment returns, and expense control.
According to FICO, a
major company that generates credit - based insurance scores, approximately 95 % of auto
insurers and 85 % of homeowners
insurers use credit - based insurance scores in states where it is a legally allowed underwriting or risk classification
factor.
Year, make and model of a car will frame what levels of coverage you should get and will also be a
major factor in how an
insurer will determine what it needs to charge you to hedge against its exposure to risk and the possibility of paying claims.
Here are how the
major insurers ranked based on four
factors: customer satisfaction with the purchase experience, claims process, and financial strength ratings.
Since the rate offered to each driver varies according to credit history, driver age, vehicle model and risk
factors, obtain quotes from
major auto
insurers like Allstate to get the maximum coverage.
This is because although the same basic
factors are in use by all
major insurers in their determination of rates, they may all use those
factors in slightly different ways, thus creating these premium differences for you as a potential customer.