Big data

How insurance companies decide your rate

Does low scores equal bad drivers?

There's different factors that determine your auto insurance  rate, including your credit rating, age, gender, marital status, driving record and address.  Also statistics about your neighborhood and traffic counts in your area.

Crystal Ball


Insurance companies look at your credit and other data to predict if you're more likely to be a risk, have crashes and file claims. 

Type of car, deductible and coverage

It's difficult to compare rates, people have different driving records and different cars.  The best way to compare policies is to look at the deductibles and coverage.

Ways to keep cost down

Higher Deductible
High vehicle safety ratings
Discounts

Drive less 

People who drive  more miles during the year have a higher chance of getting into a crash.  Low annual mileage  might give you a lower rate.

The value of an agent

Talking to an agent about  coverage and discounts can save you money.

Under my Umbrella Ella ella

Could Save You Millions

Now that it's raining more than ever

Umbrella protects all your assets.  It pays your legal fees if you're sued.  And the couple of  hundred dollars for annual premium is about the same as an hour's consultation with a lawyer.  It provides an additional layer of protection.  1M,  2M, 5M or more above the liability limits of your auto and  Homeowners Insurance.  With an Umbrella policy you'll have a team of attorneys working on behalf of your insurance co protecting your assets.

Umbrella

What ifs...

"HERE’S the nightmare: Your car skids. You crash into a Mercedes with a highly paid business executive at the wheel. He’s hurt so badly he cannot return to work. A jury awards him millions of dollars and you have to pay it."

New York Times article

“After attending a Christmas party, my client got involved in a fatal auto accident where the other driver was killed… My client was given a breathalyzer on the scene and exceeded the legal alcohol limit. He was sued for something like $1.25 million by the claimant’s family and was legally liable for the damages, which were paid by the umbrella policy. The client was otherwise an upstanding citizen with no past history of these kinds of events.”

I.O.U. and sometimes Y

Actually... O.E.M.

OEM VS Generic Crash Parts

Does your insurance co pay for OEM parts?

Replacement crash parts like fenders, hoods and doors panels provided by the manufacturer are called original equipment manufacturer (OEM) parts. Parts that are made by generic companies or aftermarket crash parts are usually at a lower cost.

Ranking

Source: S&P Global Market Intelligence

[hugs]
Teresa