If protection plan provider wants to modify its prices, it must submit its request to the Office of the Insurance Commissioner. The filing must include enough mathematical, financial, and other details to demonstrate the modify is necessary. If the organization can display the requested modify is justified and we figure out the proposed prices are not excessive, inadequate or unfairly discriminatory, then according to condition law, we must approve them.
How prices are determined
Insurance organizations can amount all licensed motorists in the family — including your spouse and other members in your family, whether or not they are related by blood. This includes roommates. Insurance organizations calculate auto insurance policy costs by starting with a amount of money (base rate). Your platform amount is adjusted according to certain factors such as your age, sex, marriage position, generating pattern, statements record, geographical place, record of credit ranking and the make, model and season of your automobile.
Your age: Research display that motorists under age 25 are engaged in more injuries than adults between age 25 and 65. Companies usually consider them risky. Families with younger motorists in the family may pay more for their insurance policy. Research also display that elderly people present a higher-than-average threat to insurance policy agencies.
Your sex: Insurance organizations can discriminate on the basis of sex if that discrimination is based on mathematical evidence, proving one sex is risky. For example, young men — especially those under age 25 — are engaged in more injuries and typically pay greater insurance policy costs.
Marital status: Statistically, married people have fewer injuries than singles and usually pay
reduced prices.
Your vehicle: Generally, the more expensive your automobile, the more you will pay for insurance policy. Also, because sports vehicles and high-performance vehicles are engaged in more injuries, price more to repair, and are stolen more often, they price more to insure.
Your location: Statistical data for the place where you live may modify your prices. For example, a greater or reduced than regular crime amount may improve or reduce the platform amount for comprehensive coverage, while a greater or reduced than regular number of injuries in your place may improve or reduce the platform amount for liability and collision coverages.
Driving patterns: The number of miles you drive per season can improve your amount.
Your generating history and your statements history: Insurance organizations may charge you more if you’ve been engaged in an accident or have been convicted of one or more traffic violations. Also, the more statements you file, the more likely your prices will improve.
Credit History: Washington condition has one of the toughest laws restricting how insurance policy agencies use record of credit ranking. But your insurer still may use details in your record of credit ranking to figure out your insurance policy ranking. Your insurance policy ranking may reduced or raise your premium.
How prices are determined
Insurance organizations can amount all licensed motorists in the family — including your spouse and other members in your family, whether or not they are related by blood. This includes roommates. Insurance organizations calculate auto insurance policy costs by starting with a amount of money (base rate). Your platform amount is adjusted according to certain factors such as your age, sex, marriage position, generating pattern, statements record, geographical place, record of credit ranking and the make, model and season of your automobile.
Your age: Research display that motorists under age 25 are engaged in more injuries than adults between age 25 and 65. Companies usually consider them risky. Families with younger motorists in the family may pay more for their insurance policy. Research also display that elderly people present a higher-than-average threat to insurance policy agencies.
Your sex: Insurance organizations can discriminate on the basis of sex if that discrimination is based on mathematical evidence, proving one sex is risky. For example, young men — especially those under age 25 — are engaged in more injuries and typically pay greater insurance policy costs.Marital status: Statistically, married people have fewer injuries than singles and usually pay
reduced prices.
Your vehicle: Generally, the more expensive your automobile, the more you will pay for insurance policy. Also, because sports vehicles and high-performance vehicles are engaged in more injuries, price more to repair, and are stolen more often, they price more to insure.
Your location: Statistical data for the place where you live may modify your prices. For example, a greater or reduced than regular crime amount may improve or reduce the platform amount for comprehensive coverage, while a greater or reduced than regular number of injuries in your place may improve or reduce the platform amount for liability and collision coverages.
Driving patterns: The number of miles you drive per season can improve your amount.
Your generating history and your statements history: Insurance organizations may charge you more if you’ve been engaged in an accident or have been convicted of one or more traffic violations. Also, the more statements you file, the more likely your prices will improve.
Credit History: Washington condition has one of the toughest laws restricting how insurance policy agencies use record of credit ranking. But your insurer still may use details in your record of credit ranking to figure out your insurance policy ranking. Your insurance policy ranking may reduced or raise your premium.