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Delaware Insurance Policy Premium Factors

Delaware Insurance Resources

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Your Delaware Insurance Premium is Based on Several Factors

Your credit history can be a major player in determining your rate for auto insurance.

Almost all states take into consideration a person’s credit rating. According to a recent study of the insurance industry, more than 90% of auto insurance companies use your credit information to determine how likely you are to file an insurance claim. Obviously, the more likely you are to file a claim, the higher your premium will be.

Insurance companies determine your rate on a bunch of other factors as well to create an “insurance risk score.” In general, policyholders are put into different “risk pools” based on statistics. A policyholder’s risk factor is determined by data about a their car, themselves, and the area they live in.

What are some major factors in determining an auto insurance rate in Delaware?

  • Vehicle Classification: A vehicle is classified based on its performance capability and its retail cost. The higher the performance capability, the higher the risk factor because better performing vehicles are capable of going faster. A car that has a high market value costs insurers more to replace, so that also increase insurance premiums. Vehicle risk classification is also determined by statistics measuring the number of thefts, accidents and repairs per year for each car.
  • Age: If you are under 25, expect to pay more. Statistics show this age group has the highest incident of auto accidents.
  • Marital status: Marriage can lower your premium. Stats show that married individuals are involved in fewer accidents.
  • Mileage driven per year: The more you drive, the more likely an accident may occur. Insurance companies consider this when determining your premium.
  • Previous accidents and claims: Past accidents and violations affect your rate, although they become less important as time goes by.

Click on the links for more information about Delaware auto insurance or Delaware auto insurance quotes.