Insurance rates are certainly affected by the type of car you drive. Comprehensive and collision insurance premiums are mainly calculated by looking at the vehicle’s loss history, which is how often that model is stolen and how much it costs to repair or replace it after an accident.
Most insurers use actuarial companies that rate cars on several factors to determine the cost of comprehensive and collision coverage needed to minimize an insurer’s risk. The ISO, or Insurance Services Office, is the main actuarial company used by many insurers to obtain those rates. Basically, the ISO assigns each vehicle a risk number and insurers then use that number to price their policies. Unfortunately, these numbers are not made available to the public.
Get a rate beforehand! Even though many of these ratings are not publicly available, consumers can still beat the system by contacting an insurer BEFORE purchasing a car to find out what it will cost to insure that car.
NOTE: The answers to coverage questions are primarily based on ISO forms generally used in Florida by most companies. However, please keep in mind that all companies’ forms are NOT necessarily the same. Some companies may provide broader coverage and some may be more restrictive.
IN ALL CASES, THE CONSUMER MUST REFER TO HIS OR HER OWN POLICY FOR SPECIFIC COVERAGE INFORMATION.
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