Producer, Cornerstone Associates Insurance Services, Inc., 297 E Bradstock Way San Tan Valley, AZ 85140
It depends on a few different things. First, the type of vehicle will affect the policy premium. For example, a 2005 Toyota Corolla would typically have a lower premium than a 2005 Cadillac Escalade due to the cost difference in the vehicle and the cost difference in the repairs of the vehicle. Second, the driving record of the insured will affect the policy premium. For example, someone with one speeding ticket and an at fault accident will have a higher policy premium than someone with no speeding tickets or accidents. This is due to the fact that the insurance companies will see that person with a ticket and accident as a greater risk to insure than the other person with a clean driving record. Third, the garaged location (home) of the vehicle will affect the policy premium. If you are garaging your vehicle in an area with a high rate of auto theft or vandalism the policy premium will be higher than in an area with a low rate of auto theft or vandalism. Again, this goes back to a greater risk for the insurance company.
There are many more rating factors that the insurance companies use and they differ from state to state. Here in Arizona, for example, they will look at your credit score, occupation, and highest level of education in order to provide you with a price on coverage.
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There are many more rating factors that the insurance companies use and they differ from state to state. Here in Arizona, for example, they will look at your credit score, occupation, and highest level of education in order to provide you with a price on coverage.