How much should you pay for car insurance? Insurance companies use many factors in determining the price they charge for your car insurance. Your credit score can make a big impact on your insurance price. Your age and driving record are also major factors. They offer discounts for owning a home, having a certain occupation, getting good grades if you are a student, you get the idea. Actuaries study these many factors and statistics in order to try to tailor rates so they are competitive and also make profit for the insurance company at the same time. An actuary is a business professional who deals with the financial impact of risk and uncertainty.
Progressive has a new cutting edge technology that allows you to take it one step further and customize your own rate based on your actual driving habits. There are basically 3 factors they are able to measure and record. How far you drive, if you drive less than 14k or so per year, that can earn you a discount! If you don’t drive between 12 midnight and 4 am (a high risk time) you can earn a discount! Hard Braking.. if you don’t frequently come to a fast stop you can earn a discount. This program called Snapshot from Progressive can discount your policy up to 30%. You can choose to add this to any or all of your cars on the policy, you can even set up a trial without changing insurance companies. Call me today for more info!