Let’s face it. Auto Insurance can be a bit like playing Chutes and Ladders. A wrong move and you slide into a hole. It’s the same with auto insurance rates. With auto insurance, a wrong move, or not being aware of some things can increase your premium.
Your insurance company uses something called ISO rating. The Insurance Services Office, or ISO, provides them with a magical algorithm that combines actuarial, statistical, and claims information bottled up in metrics and analytics. These provide an insurance agent with the tools to know based on location and many other pieces of information what to charge. Moving for a job, renting. You might what to ask your insurance agent what towns in the area have the lowest rates. A 2 mile difference in location can make a $4-20 difference in rate per month. Added over time, that could provide a savings.
Making a claim can increase your rates. Some companies have accident forgiveness. Is it a minor claim? You might not want to claim it. Talk to your agent first.
Many auto insurance companies follow the Insurance Services Office’s (ISO) standard of increasing a premium. ISO’s surcharge plan for an accident may boost a vehicle’s premium. And it may have an increase of 20 to 40 percent.
Another saver that is factored into ISO is how much you drive. With many people working remotely or working at home two to three days a week, you could possibly qualify for "Usage based" auto insurance. By reducing your driving not only do you save gas but you could save on your insurance was well. This program was pioneered in Texas.
The Select Insurance Agency serves Coppell, TX and is ready to help you with all your insurance needs.
