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How are motor insurance rates determined?

April 26, 2017Insurance motor rates

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10 Posted

How are motor insurance rates determined?

2 Answers

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Peter Paul Posted

There are two elements of premium- variable and fixed. The variable component like discounts, no claim bonus make small portion of premium.

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10 Posted

Insurance companies utilize statistical history to determine the rates needed to cover any potential claims and business expenses. Several factors are used to determine your specific rate, including but not limited to, your age, the make and model of your car, your driving record, the car’s purpose, where your drive, where the car is garaged etc.