Why do insurance companies charge motorists so much?
2006-11-15 10:01:04 · 12 answers · asked by CLIVE C 3 in Business & Finance ➔ Insurance
Each motorist is charged a different rate. The rate is determined by the risk of that motorist. Things such as age are a factor. Good ages for men are 25-64. Good ages for women are 22-64. Your personal credit score can be considered in most states. Better the credit, better the rate. Of course a person's driving history is a huge factor. Some companies charge more in certain areas because they have a higher loss rate there. I could go on for days about how insurance rates are determined. Insurance companies do not profit from insurance premiums. They profit from the investments made with the premiums.
2006-11-15 13:32:56 · answer #1 · answered by melissa31011 2 · 1⤊ 0⤋
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RE Insurance companies?
Why do insurance companies charge motorists so much?
2014-10-06 16:19:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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RE :Insurance companies?
Why do insurance companies charge motorists so much?
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2016-11-27 20:09:51 · answer #3 · answered by ? 6 · 0⤊ 0⤋
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RE :Insurance companies?
Why do insurance companies charge motorists so much?
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2016-08-26 01:35:41 · answer #4 · answered by Rickert 6 · 0⤊ 0⤋
Because of the many people who cannot drive and then get into accidents. The higher the claim rate, the higher the risk, leading to higher premiums. Then again, insurance is always expensive when you feel like you won't need to use it.
2006-11-16 00:07:52 · answer #5 · answered by floozy_niki 6 · 0⤊ 0⤋
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2014-05-24 12:19:18 · answer #6 · answered by Anonymous · 3⤊ 0⤋
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RE Insurance companies?
Why do insurance companies charge motorists so much?
2014-09-03 22:29:13 · answer #7 · answered by Gilburt 1 · 0⤊ 0⤋
There are billions of dollars a year paying for fraudulent claims filed from stupid people. Not to mention all of these morons who don't carry insurance or file frivolous claims which increase everyone's insurance.
2006-11-15 13:42:16 · answer #8 · answered by Rexy 3 · 2⤊ 0⤋
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2014-12-29 17:04:02 · answer #9 · answered by ? 1 · 0⤊ 0⤋
Because they are in business to make a profit and they have to pay out on approximately 75% of policies
2006-11-15 10:06:28 · answer #10 · answered by Brian A 1 · 0⤊ 0⤋