Car insurance companies weigh a variety of factors when determining how likely potential policyholders will file a claim, with the lowest risks getting better rates, according to Forbes Advisor.
Despite similar pricing factors throughout the industry, not all insurance companies weigh them the same, Forbes Advisor said, and, "a car insurance quote you get at one company might be significantly cheaper at a different company for the exact same coverage."
Meanwhile, the overall cost of auto insurance has ballooned 20.3% since last year, said Joey Von Nessen, a research economist at the University of South Carolina's Darla Moore School of Business.
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
