subject: Review Your Ventura Insurance Renewal Declarations For Accuracy [print this page] If you are approaching your auto insurance renewal, and you are questioning your insanely high insurance premiums, it may be time to review your policy and verify that you are being rated accurately. While some insureds choose to begin shopping when they see a drastic increase in their Ventura insurance, others may choose to investigate why their premiums are so high. Instead of switching companies, which can become inconvenient and cause you to lose your loyalty discount you have been receiving for years from your existing insurer, you may want to sit down and review how you are rated to ensure it is accurate and up to date. If you have not reviewed your policy in years, you may be surprised at what you find. Check into the rating factors below to ensure your policy is up to date and you are not being overcharged.
Vehicle Usage
Vehicle usage is a large rating factors that can have a strong effect on your premiums. In terms of insurance, underwriters use three different rating criteria to rate vehicle usage, these categories include pleasure, commute, and business. While you may have reviewed your policy in the past, many times the usage area is hard to distinguish and is often overlooked. Usage can appear as "P", "C", or "B" on a declarations page. Pleasure is the lowest rated type of use. This is primarily because of the fact that individuals who drive strictly for pleasure are not driving during high traffic times. Commute is the most common type of usage rating and is used if you are driving to and from work or school. Premiums will be higher for this usage as you are driving with heightened stress levels that pose a higher risk for accidents. If you are unemployed, take a bus to work or are retired, make sure you are being rated for pleasure use.
Mileage
Mileage is another important rating factor that is often inaccurate. Most companies prefer to rate their policyholders under the average annual mileage which is 12,000 miles per year. If you drive significantly less, you may qualify for lowered premiums. Relocation, loss of a job, or changing jobs can change your annual mileage. If you are lowering your annual mileage, the Ventura insurance company may ask for documentation proving your odometer reading to verify your mileage at your next renewal.
Review your auto insurance renewal for inaccuracies before you choose to switch companies. If you find that your premiums are still much higher than policies with competing companies, it may be time to make the switch. Always verify you are receiving a quote with apples to apples coverage and verify everything is accurate on your quote before switching insurers.
by: Barbara Jackson
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