Risk determination plays an essential role in how much you’ll pay for auto insurance. Insurers look at a variety of factors when reviewing a potential policy to assess their overall risk. You’ll find the most common things auto insurance companies look at listed below.
The history of the vehicle plays a major part in determining your premiums. This can include more than just your accident record, though. For instance, if your vehicle is considered a salvage vehicle, it may be too risky for insurance companies to take on. A salvage vehicle is a vehicle that was repaired or restored after being totaled. Most insurance companies refuse to insure salvage cars, or if they do insure them, it is at a high premium. Whether or not you own your vehicle can also play a role in your rates. Insuring a leased vehicle or one that is still being paid off can be more expensive [...]