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Ohio Auto Insurance RatesWhen an insurance carrier is assessing what to charge policy holders for auto coverage, they are essentially trying to estimate the cost, and number, of claims the insurance company will pay down the road.  While attempting to perfect this system over the years, insurance companies have found an array of factors that are used. These factors are deemed to be the most accurate indicators of future claim activity.  Many are aware that a driver's age and driving record often have a direct impact on auto insurance rates; however, there are many other factors that come into play.  This article will examine a few factors average consumers may not be aware of.

One component, for example, is where you car is regularly parked.  By your carrier analyzing past claims, they can often identify a pattern in the severity and regularity of insurable events by region.  The contributing factors that play into this pattern can be vast, however.  For instance, cars parked in a garage on the coast will see a higher rate of hurricane damage claims.  In addition, those who park in areas that experience high incidences of theft will notice theft coverage can be more expensive than a friend who may live in another part of town. Where you reside as well as regularly park your car(s) can be a contributing factor into the cost of your auto premiums.

What type of car you’ve chosen to drive can also play a major part in your auto insurance rates.  An insurance carrier will take into account the vehicle's crash ratings, the cost of replacement parts and repair, added safety features, as well as theft statistics and a few other options.  One of the best resources for researching theft data on a specific car is through the National Insurance Crime Bureau.   On their site at www.nicb.org, you can find the vehicles with the highest theft rate by state.

These are just a few factors many aren't aware that insurers will use to determine the cost of your auto policy.  Do note, not all insurance carriers place the same importance on these specific criteria and may have their own set of factors used to figure premium rates. 

One of the primary advantages of using an independent agent for your insurance needs is working with many different carriers and finding the right price to fit your needs. Contact us today at 740-467-2040 to learn more about auto insurance or get a free Ohio auto insurance quote.

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