Learn What Carriers Use to Determine Auto Insurance Rates
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- Credit
- Driving Record
- Prior Insurance History
- Driver Age & Marital Status
- Prior Insurance Limits
- Vehicle(s)
- Geographic Location
#1 CREDIT
Unfortunately credit is usually the largest factor when insurance companies price your auto insurance. As an agency, we don’t see an actual credit score when quoting. Companies use credit score to help determine what pricing tier a person fits into when rating. While some companies have 10 or less tiers other companies may have as many as 50 tiers for rating. Although a credit report is obtained, it is usually a soft hit, meaning it does not affect your credit score and it does not show up on the actual credit report.
Of the eleven (11) carriers we represent, ten (10) use credit as a factor in their rating. The same credit score can be looked at very differently among insurance companies. Some companies may need a 800 credit score or better to get their best pricing. While a other companies offer their best pricing at a score of 720. As agents we’ve found that there is a company for everyone.
Insurance companies call credit scores an insurance score. The better your insurance score with a company the better you’re pricing. Other factors like the next items listed also work to determine an insurance score, but usually credit is the largest factor.
#2 DRIVING RECORD
It’s no surprise that tickets and accidents affect your rates. In regards to cape coral auto insurance, it is ranked as second in order of importance to insurance pricing. At fault accidents usually hold more weight in raising rates than speeding tickets. Often individuals with a speeding ticket that very good credit, get penalized very little in regards to pricing.
Most auto insurance companies look at an tickets and accidents you may have had over three (3) years with most insurance companies. While only a few companies look at your driving record up to 5 years.
Tip: If you get a moving violation, try to take the class offered by the state. If you take the class the violations really don’t show up on your driving record.
The list below is based as an order of importance
