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Revision as of 19:58, 14 March 2007
, 19:58, 14 March 2007no edit summary
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+==How Your Rates are Determined==
+The current system of insurance creates groupings of vehicles and drivers (actuarial classes) based on the following types of classifications.
+
+* Vehicle: Age; manufacturer, model; and value.
+* Driver: Age; sex; marital status; driving record (based on government reports), violations (citations); at fault accidents; and place of residence.
+ * Coverage: Types of losses covered, liability, uninsured or underinsured motorist, comprehensive, and collision; liability limits; and deductibles.
+
+The classifications, such as age, are further broken into actuarial classes, such as 21 to 24 year olds, to develop a unique vehicle insurance cost based on the specific combination of attributes for a particular risk. For example, the following information would produce a unique vehicle insurance cost:
+
+* Vehicle: Age - 7 years old; manufacturer, model - Ford, Explorer XLT; value $ 18,000
+* Driver: Age - 38 years old; gender - male; marital status - single; driving record (based on government reports) violations - 1 point (speeding); at fault accidents - 3 points (one at fault accident); place of residence 33619 (zip code)
+* Coverage: Types of losses covered; liability - yes; uninsured or underinsured - no; motorist comprehensive - yes; collision - yes; liability limits - $100,000/$300,000/$50,000; deductibles - $500/$500.
+
+A change to any of this information might result in a different premium being charged if the change resulted in a different actuarial class or risk level for that variable. For instance, a change in the drivers' age from 38 to 39 may not result in a different actuarial class because 38 and 39 year old people may be in the same actuarial class. However, a change in driver age from 38 to 45 may result in a different premium because the records of the insurer indicate a difference in risk associated with those ages and, therefore, the age difference results in a change in actuarial class or assigned risk level.
+
+Current insurance rating systems also provide discounts and surcharges for some types of use of the vehicle, equipment on the vehicle and type of driver. Common surcharges and discounts include:
+
+* Surcharges: Business use.
+* Discounts: Safety equipment on the vehicle airbags, and antilock brakes; theft control devices passive systems (e.g. The Club), and alarm system; and driver type - good student, and safe driver (accident free); group - senior drivers fleet drivers .
==Photo gallery==
==Photo gallery==
