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10 things that could be affecting your insurance rates in Maryland

I think we are all well aware that insurance rates have not been kind to us these past few years. With a little bit of enlightenment, and while we can't completely control things, maybe there are some things you can do to help your rates. Here are ten things that affect auto insurance rates.

1. Insurance carriers have their own rate structures so premiums can vary with different providers.

2. Location can have a big effect on your insurance rating methods. Areas that are high-traffic and/or homes located within city limits can reflect higher premium amounts along with high crime areas, compared to rural areas.

3. When rates are determined, they are based on specific variables including gender. There are some age groups and sexes that are more likely to have accidents which influence your auto insurance rates.

4. As previously mentioned, age is one of the factors that play a role in the creation of premiums. Usually brand new drivers are the highest risk with higher rates but as you continue to drive with no tickets or accidents, you can see those premiums start to decrease.

5. Type of vehicles such as high performance cars, safety features, high theft vehicles, etc. This is due to the higher risk and/or higher cost of repairs or replacement.

6. If you have a history of claims, you may see increased increased rates, especially if you have frequent claims.

7. Naturally, the more you are on the road, the higher your risk of having an accident. In turn, you will see higher rates depending on your annual mileage.

8. Your credit history can impact the rates you see when looking at quotes or policies.

9. Driving record is another factor included in the price you pay. If you show tickets or accidents, you could be facing higher premiums for 3-5 years.

10. Lastly, the coverages you choose for your insurance policy, has an affect on the end result regarding premiums and rates. when your coverages are higher, you may see higher rates. On the contrary, if your coverage is too low, you may also see higher rates. Deductibles are another area that will affect how much you are paying for your car insurance. The higher the deductible, the lower your premium, and vice versa. Determining your out of pocket costs are based on whether you would rather pay a higher monthly rate or if you would rather pay more, out of pocket, at the time of an accident, depending on your comfort level, you can choose one or the other.

Here at Leta Brannon Insurance Agency, we can help you determine what works best for your needs and comfort level. We can talk about each one of these and can provide you with an educational look into these areas so you can understand exactly what it all means, and what you're working with. We can also work on getting you on a plan to a future with lower premiums if you're open to going that route. Contact us today to see what we can do for you!



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