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Insurance Pricing

Pricing an insurance policy is very unique and individualized.  What this means that your insurance pricing will not be the same as your neighbor’s.  Even if you have the same style home and cars, your  auto insurance and home insurance pricing can be very different than that of your neighbor.

The same is true for Business Insurance. Two similare businesses can have different insurance pricing.

There can be thousands of rating tiers in today’s insurance company pricing models.

What Can Affect The Cost Of Your Insurance?

  • Previous Claims – Insurance companies look back 3 to 5 years for claims history.  Having previous claims will cause your insurance premiums to be higher.
  • Location – Where you live can affect your insurance premiums.  Companies use claims statistics to determineInsurance Pricing from Huff Insurance in Pasadena MD the insurance pricing for each zip code.
  • Credit Score – Depending on the state rules, your credit score can make a difference in your insurance pricing.  Insurance companies charge more to those with poor credit scores.

Auto Insurance Pricing Factors: 

In addition to the above items, the following factors can affect the cost of your auto insurance (See our blog titled – How are Auto Insurance Rates Calculated?)

  • Age
  • Gender (in some states)
  • Marital Status
  • Driving Record
  • Type Of Vehicle (Not the color.  Don’t believe the myth red cars do not cost more to insure…)
  • Vehicle Use
  • Annual Mileage Driven
  • Coverage Selections
  • Deductible Selections

There are also discounts that can be available for your auto insurance.  Check out our blog titled – Available Discounts Can Reduce Your Auto Insurance Premiums

Home Insurance Pricing Factors:

Here are additional factors that can affect the cost of your homeowners insurance rates:

  • Replacement Value Of Home
  • Age And Construction Of The Home
  • Distance From Fire Department (determines fire protection class)
  • Coverage Selections
  • Deductible Selections
  • Roof Condition
  • Systems Updates (electrical, plumbing, etc.)