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Why do companies charge different rates for different geographical areas?

April 26, 2017areas charge companies different geographical rates

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Why do companies charge different rates for different geographical areas?

3 Answers

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One factor used in determining insurance rates is the geographical area in which an individual resides. Based on the company’s losses for that defined area, a company will determine premiums based on accident rates and repair costs for that area.

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One factor used in determining insurance rates is the geographical area in which an individual resides. Based on the companys losses for that defined area, a company will determine premiums based on accident rates and repair costs for that area.

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Posted

One factor used in determining insurance rates is the geographical area in which an individual resides. Based on the company’s losses for a defined region, a company will determine premiums that reflect accident rates and repair costs for that area.