This information was gathered from the Idaho Department of Insurance Website
Why do my rates go up every year?
The cost of motor vehicle insurance is of great concern to all. The rising fees on car repairs and the skyrocketing cost of medical care affect the total cost of car insurance, pushing premium rates up each year.
The biggest rise in recently has been in liability coverages. These coverages pay for bodily injury and property damage. Legal costs are also part of the overall expense.
Auto insurance prices are based on many of factors. The rate you pay consists of a “base rate” + or - amounts reflecting your gender, driving pattern, driving record, gender, marital status, vehicle type, and claims history. There is a different base price for each type of automobile and geographical area. While each individual insurance company may differ in the amounts they assess for each factor, the major rating factors are fairly universal.
- Your age: Stats show, as a group, drivers under age 30 and over 75 have more accidents than the general population. Therefor, these drivers in both of these classes are charged more, as well as families with young drivers in the household.
- Your gender: Young men are also found involved in more accidents per miles driven than any group. Idaho law allows Idaho Auto Insurance Insurers to charge on the basis of gender and age where the actual proof of differences in risk exists.
- Your Vehicle: Generally, the more your car costs, the more you will pay for comprehensive and collision coverage. Sports cars and high-performance vehicles tend to be involved in more accidents, have higher repair costs, and are more likely to be stolen, so they also cost more to insure.
- Your location: The higher number of accidents in more populated areas will raise premiums, while higher theft rates in urban areas can raise your comprehensive premium. The law allows insurance companies to base your rate on your address (garaging territory), even if you drive to a more urban or rural area.
- Driving patterns: The more miles you put on your vehicle, the higher your premiums will be. An automobile used for a total of 5,000 miles a year would normally have lower rates than a car driven 15,000 miles a year.
- Driving record and claim history: Most auto insurance companies apply a surcharge to insureds who have been convicted of multiple traffic violations or in an accident . Also, the multiple claims may trigger higher rates.
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