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Auto insurance is separated by commercial use and personal use.


When it comes to personal auto insurance, when you are insured, it stands that there is a mutual agreement between the owner of the car and the insurance company.


It is understood that in the case of an accident and the insured is hurt or when their property is damaged the insured gets compensated up to the maximum amount of coverage agreed upon in their policy.


We carry Safeco, Progressive, Hartford, and many more great insurance companies that offer affordable rates.


At SBI, customer service our priority. Any inquiries regarding insurance will be answered to your satisfaction.


Just one call and we can solve sour insurance needs!


How are insurance premiums determined? How can you save on premiums?


Let’s take a look at the factors taken in to consideration for auto insurance premiums.


Area of residence


In the U.S. the standard for figuring out insurance rates has a lot to do with the area of residence. In Texas, the majority of the insurance companies use the different counties as a guideline. For example, Dallas County’s rates are higher than those living in Ft. Worth which is in Tarrant County. Tarrant County’s rate are higher than those living in Denton County. There’s a tendendy for larger cities to have higher rates. Rates are also based on regional car accident statistics and the compensation for those accidents.


Age, Gender, Marriage status


Statistically, there are more accidents from drivers under 25 years, than drivers 25-64 years old. Similarly, because 65 years of age and older tend to have higher accident rates, that group has higher premiums. Also, in terms of gender, drivers under 25 years age and being a male driver tends to have a higher premium compared to a female driver with the same age, because statistically a male driver has a higher accident rate. In addition, statistically married drivers have a lower accident rate, so their premium is lower than unmarried drivers.


Car usage status


An important criteria for calculating premiums is the purpose of use for the car. For example, insurance premium of a car used twice a week for pleasure is cheaper than a car used for business purpose on a daily commute. Usage miles as well as usage guidance should be considered.


Type of vehicle


The kind of vehicle will affect the premiums due to repair cost, because the cost of fixing a Benz is higher than Ford. Thus, premiums for compensation in automotive body parts also have to be higher. Moreover, there are slight differences in pricing the premium because it also depends on the degree of safety of the car even though they are the same price. However, most liability is not relevant to the type of car. Only the car year of manufacture, price, degree of difficulty of repair, etc. are taken into account.


Personal driving record


If you have a bad driving record, you might pay for a higher premium since the probability of accident is higher. Driving records typically have two things. A reported ticket by police for an accident and the accident record processed by the insurance company. In the case of insurance companies, it varies, but most often they look at the record of three years and some companies may review the record of five years.


Credit Record


In recent years, the individual’s credit score might be checked by insurance companies. According to accident statistics, the probability of accidents is higher as the credit score is lower. Therefore, most companies charge higher premiums for those who have a bad credit score even though other factors are good.
* Some cases may even require SSN Number.


Deductible


In the case for including compensation for comprehensive and collision coverage, (often called full-coverage) it depends on the choice of the amount of deductible and from there, full coverage premium will differ.


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16911 Hwy 99, Ste 104, Lynnwood, WA 98037
Office: (425) 741-3600


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