What doessymbol age groupon comprehensive auto insurance mean?
If you have recently reviewed your auto insurance policy’s declarations page, you have probably seen a symbol age group assigned to each car on your policy. Each car’s symbol age group affects how much you pay for comprehensive coverage.DefinitionA symbol age group is a category used by insurance companies to decide how much to charge for comprehensive coverage. There are several factors that comprise each symbol age group.ComponentsA symbol age group factors in the new purchase price of the car, the age of the vehicle, and performance features of the car. These factors indicate how much the insurance company would pay for the repair or replacement of the vehicle.Who Decides Symbol Age Groups?Some companies determine their own symbol age groups, but most purchase them from an organization such as the Insurance Services Organization (ISO).Effect on PremiumsTypically, higher symbol age groups represent higher premiums.
