How is an insurance rate developed?

Answer Insurance companies base their rates on the risk or likelihood that they will have to pay a claim for a specific customer. These rates are developed by actuaries who use complex statistical models.... Read More »

Top Q&A For: How is an insurance rate developed

If your friend has insurance does his rate or your rate go up?

Answer What exactly is the situation? Are you two living together? or just driving ewachothers vehicles?

What Is the Average Car Insurance Rate?

In May 2009, the national average cost of car insurance per year and per car was $1,837, or $153 monthly. Typically, insurance costs will vary by location, age, sex, usual driving distance, type of... Read More »

What Is the Average Car Insurance Rate for Teens?

The average car insurance rate for teens is 2.52 times the regular base rate, according to This brings the average six-month premium for a 16-year-old to $1,745.93.Source: http://... Read More »

Will my insurance rate go up for a vandalism claim?

Rates shouldn't be increased for anything that is your fault. If this happens quite a bit it can, it shows your increased exposure and companies will try to get some of that money back or get off t... Read More »