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Rate Factors Beyond the Insurance Score

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By Erin Thompson on August 5, 2021 in Insurance Basics

Alright, so you've got an insurance score, but it's not the sole deciding factor on your rate. Here's a rundown of everything else Say considers when determining the price of your policy.

Factors Impacting Your Car Insurance Premium

The year, make and model of your vehicle

  • Typically newer and/or fancier cars are more expensive to repair or replace
  • Cars that perform well in safety tests may lower your rate versus cars that don’t

Your driver-to-vehicle ratio

  • We figure if two or more people share a car, then more miles will be driven, increasing the chance of accidents and moving violations
  • If you own multiple cars, you split the drive time (and divide the risk) among them, meaning each car has less chance of getting into an accident or moving violation

Your age

  • Drivers younger than 25 or older than 65 are considered riskier than those in between

Your gender

  • For certain age ranges, men consistently demonstrate higher claims costs than women

Your marital status

  • Married couples are shown to have fewer accidents than single drivers

Your level of coverage, including your limit amounts and deductible

  • The more you agree to pay out of pocket on a potential claim, the less an insurance company puts on the line for any repairs or replacements

The driving records of each driver on the policy

  • The more claims or violations a person has, the more likely they are to have a claim in the near future

How long you've been a member of Say Insurance

  • The longer a customer stays with Say, the more accurately we can match the rate with actual risk

We also factor in discounts(!), which you can get for:

  • Completing an approved accident prevention course
  • Receiving your policy documents electronically
  • Choosing to pay in full, in advance
  • Having an approved anti-theft device

Erin Thompson is the Marketing Manager for Say Insurance. She's responsible for guiding the strategic direction of all Say marketing campaigns. Prior to joining Say, Erin worked for a media agency based in Columbia, MO. She spent several years developing successful advertising campaigns for a diverse set of clients across the United States. Erin began her career in television advertising after earning her Master’s from the University of Missouri Journalism School with an emphasis in Strategic Communication. Her love of communication and helping people directed her to the insurance world.