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Do factors that affect car insurance premiums vary by state or car insurance company?

March 8th, 2010 | | Tags: , , , | 3 Comments | |

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Do factors (such as age, gender, vehicle type) that affect car insurance premiums vary by state or car insurance company?

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3 Responses to “Do factors that affect car insurance premiums vary by state or car insurance company?”

  1. emiller1998 Says:

    Yes. Every state has their own requirements. Every company has their own formulas to calculate rates. This is why every company will give you a different rate when you ask for quotes. Its also the reason why company A might be cheaper in 1 place and company B might be cheaper in another place.

  2. mustanger Says:

    Yes. They vary by both state and by insurance company. They even vary by the location of where you reside within the state. Some counties and some cities are much more expensive than others when it comes to car insurance rates.

  3. Jakester Says:

    Often regulations that vary state to state in part dictate the cost to consumers. I ran across a comment from the Insurance Information Institute suggesting Michigan unlimited no-fault claims provision is in great part responsible for the state’s high rates.

    One regulation that is indirectly discriminatory, the practice of setting prices by geographical location, red-lining is now prohibited by some states, I know California doesn’t allow it and Michigan’s latest insurance reforms were also to prohibit red-lining. immigrants only able to live in run down, crime ridden neighborhoods would find themselves having to pay more than the luxury car owner on the top of the hill.

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