Do Car Insurance Prices Change Daily?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Insurance companies require state approval for the rates that they charge.  Adjusting that rate can be a very lengthy process.  In California the process is quite lengthy.  Rate adjustments require evidence based upon loss history of the company.  This is not something that happens very often, actually.
    Answered on June 26, 2014
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  2. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    No not really.  Insurance companies must file their rates and rules with your State Insurance Department and have those approved for use by them.   Companies will then monitor and develop experience with the filed rates and may, after a time and usually after several years' experience, may chose to refile the base rates and rules.  In the mean time, the approved rules enable them to adjust individual policy premium based upon that driver's particular experience.  That is why after an accident a policy may increase though the sates base rates would not be.
    Answered on June 27, 2014
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