If you've ever shopped for insurance, you have an idea of how much background information insurers are looking to collect.
When it comes to auto insurance, there are a number of factors at play. But few are more important than mileage.
For the third year in a row, insuranceQuotes and Quadrant Information Services examined the average economic impact annual miles driven has on the cost of auto insurance. The study found that drivers who increase their annual miles driven have the following rate changes: 5,000 to 20,000 miles resulted in a 9% increase; 5,000 to 15,000 resulted in an 8.4% increase; 5,000 to 10,000 resulted in a 7.1% increase.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
