subject: Rating Factors Considered In OH Auto Insurance [print this page] Rating Factors Considered In OH Auto Insurance
If you recently purchased a new vehicle or you are coming up on your auto insurance renewal, now is the time to review your insurance policy to ensure everything is accurate and you are carrying adequate coverage limits. While you may be aware of the coverage options you are electing to carry and those you are rejecting, it is important to understand different factors that are involved in the rating of your OH auto insurance premiums. Insurers consider several different rating factors to charge the right premiums. If an auto insurance provider fails to charge the right premiums for those who pose a higher risk, they can easily go out of business. See how these rating factors affect you and review your policy for inaccurate ratings.
Driving Experience
OH auto insurance providers will use not only a driver's driving record and claims history to rate premiums, but also their years of driving experience. Driving experience is extremely important when calculating risk. Drivers with over 9 years of driving experience are less likely to be involved in an accident when considering statistics. If you are being rated on your policy for less years of driving experience than you actually possess, it is important to have this corrected. If you notice inaccuracies on your experience, you may need to provide proof from another state or country of the year you were licensed. For younger drivers, this could lower your premium significantly.
Vehicle Use
Another important rating factor used to calculate premiums is how you use the vehicle on a regular basis. The average annual miles driven in the state of Ohio is 12,000. If you drive your vehicle far less than this, you will need to inform your insurance agent and have the annual mileage rating changed. Some insurers will request proof such as an odometer reading each year to monitor the miles you are driving.
If you are driving your vehicle for pleasure rather than business or commute, you will be eligible for lower premiums. Most drivers today use their vehicle for commute. However, if you are retired or unemployed you will want to update this with your insurer. Policyholders will be surprised how much difference it makes to adjust annual mileage and vehicle usage.
Ensuring your auto insurance policy is rated correctly is extremely important. If you are being charged for rating factors you are not aware of you could be paying higher premiums than needed. While the insurance company does not mind overcharging you if you are not aware, you may mind. Educate yourself on how you are rated and review your policy on an annual basis to ensure accuracy. With the right knowledge and insight, you can adjust your premiums without adjusting your coverage.
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