{"id":638,"date":"2017-05-15T02:00:00","date_gmt":"2017-05-15T14:00:00","guid":{"rendered":"http:\/\/www.mymidatlantic.com\/blog\/?p=638"},"modified":"2017-04-25T15:34:07","modified_gmt":"2017-04-25T21:34:07","slug":"breaking-down-the-rate-what-factors-are-used-to-determine-auto-insurance-premiums","status":"publish","type":"post","link":"https:\/\/www.mymidatlantic.com\/blog\/2017\/05\/15\/breaking-down-the-rate-what-factors-are-used-to-determine-auto-insurance-premiums\/","title":{"rendered":"Breaking Down the Rate: What Factors Are Used to Determine Auto Insurance Premiums?"},"content":{"rendered":"

Auto insurance premiums include a lot of risk assessment and analysis as well as cost evaluations. Mid Atlantic Insurance Financial in Laurel, MD uses all of these cost evaluations, risk assessments, and driver information to get you an insurance policy to fit your specific needs.  If you currently quoting your insurance policy, you may find yourself asking, "exactly what factors go into determining a rate premium?" <\/p>\n

Your Credit Score<\/strong><\/p>\n

Maintaining a good credit score is important in many aspects of your life, and car insurance is no different.  Claims reporting has shown that drivers who maintain a higher credit score file insurance claim less frequently than those who may have fair to bad credit.<\/p>\n

Your Past Driving Record<\/strong><\/p>\n

One of the largest factors that help to determine your premium rate is your past driving record.  If you have a past history of speeding tickets or at-fault accidents you will usually be charged a higher rate as you will be considered at higher risk for a claim.  Most insurance companies use three years of driving history when determining rates.  If you have severe risk factors, such as DU’s or reckless driving, you could pay significantly higher rates.<\/p>\n

How Much Annual Mileage You Put on Your Car<\/strong><\/p>\n

The more miles you put on your car each year, the more likely you are to end up in a motor vehicle accident.  Less time on the road means you are less likely to file a claim and your insurance company will reflect this risk in your monthly premium.<\/p>\n

Your Age<\/strong><\/p>\n

Statistical data has shown that differing age groups are more likely than others to get into car accidents.  More mature and experienced drivers are often more likely to be better defensive drivers and react faster.  Therefore teenagers and young adults will garner the highest premium rates.  <\/p>\n

The Kind of Car You Drive<\/strong><\/p>\n

There are three main factors insurance companies look at when it comes to the kind of car you drive.<\/p>\n