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Pricing for Car Insurance

How your car insurance gets its price

It’s YOU that creates your car insurance price.

Have you ever had a conversation with friends or family and found out how incredibly different in price their car insurance is, compared to yours? You’re not alone, but you are about to become one of the few who know why.

Insurance premiums, especially car insurance, are based primarily on you. Does that not seem like a secret? Consider that when we say “you,” it’s what we don’t mean. It’s not the type of car or the coverage that becomes the primary factor, but rather a selection of other pieces that are unique to you.

What’s so “Unique”?

Below you’ll see a list of personal factors which create your car insurance rate, and we’ve also included a short explanation as to the why. When combined, it’s these “uniques” that make up most of your rate.
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Your address – If you live in the city, your rate will be higher than in suburbia. More traffic in the city increases the likelihood of an accident happening.

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Your age – If you’re under 25 or over 65, you can expect to see an adverse effect on the cost. Since carriers experience more losses with drivers of these ages, they charge accordingly.

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Your gender – This is mainly for younger inexperienced drivers, and males are more expensive to insure than females, and historically younger male drivers cause more accidents than females.

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Your marital status – Married couples can see a more favorable rate. Non-married drivers tend to drive more often and later at night, thereby increasing their risk.

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Your insurance history – 3 or more consecutive years of insurance will produce a lower rate than that of someone just getting their first policy.

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Your credit – This is a big one, but it’s not about your score. It’s about your amount of debt, collections, age of credit, unpaid child support, and more. We’ve known of people with credit scores above 720 still showing up on the higher end of the premium scale.

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Your claims history – Carriers will review any accidents from the past 3 – 5 years. Even one small insurance claim can have a significant impact on your rate.

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Your motor vehicle report – Moving violations like speeding tickets are substantial, but others remain. Expired inspections or registrations add up, as well as subsequent suspensions. Suffer a DUI, and you’ll be fortunate even to find a policy.

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Your length of time licensed – If you’ve had a license for less than three years, you’re an “inexperienced operator” in the eyes of the insurer. Longer licensed drivers will pay less.

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Your commuting distance to work/school – The further you must drive every day, the greater the chance of an accident. A shorter commute yields a lower premium.

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Your total annual miles – Through technology, carriers can see how many miles you have driven your current car in the past year. The lower the number, the lower the cost.

That’s eleven unique pieces of information used to determine your rate. Not even one of them is about what specific car you drive or the amount of coverage on it. That’s not to say the vehicle does not influence the premium. It does. A Maserati is going to be more costly to insure than a Nissan. However, your specific past and present uniqueness drive your car insurance premium.

Every carrier weighs these points differently. You can count on us to take your unique self and match it up with an insurance carrier who will provide you with the most reasonable price. Call or contact us, and remember, we will not spam you or sell your information. We’ve got you.
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Horan Companies offers comprehensive car insurance in New York State, including: Baldwinsville, Syracuse, Onondaga County, Liverpool, Fulton and Camillus, NY.