Many clients come into our office in Claremore looking for a quote on their Oklahoma auto insurance. But what many people do not realize is what all factors into their quote. How do insurance companies come up with a premium? And why is it usually different for each policy holder? What influences your premium? Well, there are several factors, but the main few reasons are credit, what vehicle you drive, where you live, and the other drivers listed on your policy.
Now days, credit is a big factor in your insurance premium. Insurance companies figure a person with lower credit ratings may be more inclined to turn in a claim than a person with a higher credit rate. Credit affects many things in our world, and now it does affect our insurance rates. As sad as this is, it is true and many insurance companies use credit ratings as a way to rate your insurance premium.
Another influence on your Oklahoma insurance premium, of course, is the type of vehicle you drive. If you’re driving a new vehicle, should something happen and your insurance is required to pay for the damages, it might cost more than an older vehicle. The newer your vehicle, the better the safety devices. Safety devices can save you money on your insurance policy and in a claim. Also, if you drive a turbo sports car (or any sports vehicle), it’s going to cost more in premium because of the speed of the vehicle or engine size, the tendency to drive carelessly, and the theft rate tends to be higher.
Drivers on your policy can also increase or decrease your premium. Age, gender, and marital status will affect the bottom dollar. Young male drivers are rated higher than young female drivers because the inexperienced male drivers tend to get into more accidents than female drivers. And there are discounts for married couples; statistics show married couples don’t turn in as many claims as single drivers. Accidents and tickets will affect the premium as well. So if you have a driver on your Oklahoma auto policy with several tickets and accidents, it could cost you.
Did you know that where you live can change your premium? If you live in a small town like Claremore, Oklahoma or a rural area in the Rogers County district, your insurance premium could be lower than someone that may live in Tulsa, Oklahoma. Small towns have fewer drivers and fewer chances for theft than the larger cities and more populated areas.
These are just a few things that insurance companies check into when giving you a price for your Oklahoma auto policy. Many other factors do apply, but these tend to be the major points.
If you would like an Oklahoma auto quote, RCI Insurance is located in Claremore Oklahoma. We can help with any of your Oklahoma insurance needs. Please call us at 918-341-6081 or visit our website at http://www.rci-ins.com.