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Hello Insurance. Goodbye Risk.


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Hello Insurance. Goodbye Risk.

When it comes down to it, all insurance really serves a single purpose. It reduces your risk. Perhaps you cannot afford to risk having to pay $100,000 if someone is badly injured on your property. You'd buy homeowners insurance to protect you from that risk. Maybe you don't want to have to shell out $20,000 for a new car if someone drives into the side of yours in a parking lot. You'd buy comprehensive car insurance to cover that risk. More insurance equals less risk. But how much risk do you need to protect against, and how much insurance is enough? Only you can answer that question, and you should have a better idea of your answer after reading the articles on this website.

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4 Ways Your Car Insurance History Can Impact Your Auto Insurance Quote

When it comes to getting auto insurance quotes, many different factors come into play in determining what your premium will be with a particular insurance company. One of the many factors insurance companies consider is your specific history with your insurance providers.

Way #1: Previous Insurance Company

When you ask for an auto coverage quote, the insurance provider will want to know who your current provider is. If your current provider is a non-standard auto insurance company that provides coverage to high-risk drivers, and you are looking to get coverage through a normal insurance company, they may still charge you slightly higher rates because you had non-traditional coverage previously. If you had coverage with a standard provider, you shouldn't experience any price hikes based on your previous provider.

Way #2: Length of Time with Insurance Provider

Second, the length of time you have been with a provider may impact the premium you are offered. Some companies will offer you a larger discount on your insurance to reward your loyalty, while other companies will slightly raise your prices if they don't think you will switch to a new provider. That is part of why you should compare rates every year to make sure you are still getting the best possible rates.

Way #3: Insurance Claim History

Insurance providers keep a record of all the claims you have made. This includes at-fault claims and claims where you were not at fault. If you have at-fault claims, you are generally going to be charged more for your premium. If you have a history of many claims, you may also be charged more regardless of who was at fault.

If you have roadside assistance with your insurance company, be careful about how you use it. Those roadside assistance calls will also be logged and tracked by your insurance provider, and if you have a lot of roadside assistance calls, that could result in a higher premium.

Way #4: Lapsed Coverage

If you have had a lapse in coverage, even if it was short, you could face higher rates. You may also face higher rates if you have a lapse in coverage even when you don't own a vehicle.

Your history with auto insurance providers is one of the many factors that can impact the premium you are quoted when shopping for a new provider. Things such as your previous provider, time with that provider, claim history, and lapse in coverage can all impact the quotes you get.

For more information about auto insurance, contact a local insurance provider.