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Originally posted by Moral Hazard Okay, since I'm the only one here with a degree in insurance (aside from Chemy but he hates going into detail) I suppose I'll step in with an answer.... Your insurance premium is essentially a function of your RISK RATING multipled by the total amount of insurance. RISK RATING is a number assigned to you that represents the likelihood that you will suffer a loss or be liable for someone else's loss that will require the insurer to pay claims. The RISK RATING is an actuarial calculation based on a number of weighted factors both statistical and individual. In nearly all North American jurisdictions the following factors are considered: - Age (statistical) - Sex (statistical) - Marital status (statistical) - Territory/where you reside (statistical) - Vehicle class, make, model (statistical) - Annual mileage (statistical) - Use - business/personal/leisure/etc (statistical) - Claims history - last 4 years (individual) - Driving record - last 5-10 years depending on jurisdiction (individual) - Insurance history - last 6-10 years (individual) - Claims/driving/insurance history of other listed drivers (individual) The formula to used to arrive at the RISK RATING is perscribed by legislation in all North American jurisdictions and depends on the state/province. This risk rating is then multiplied by the total amount of insurance requested in each area of coverage (collision, comprehensive, liability, accident benefits/personal injury protection, uninsured motorist, unidentified motorist). The total amount of coverage is the limit of coverage for each area of coverage less the deductible for same. Additional amounts are then charged for any endorsements (additional coverages) you request, usually at a flat rate per coverage, ie: $20 for loss of use, $50 for waiver of depreciation, etc. The colour of your vehicle, lease vs. finance, or amount of airbags are not factors in determining premium. The make and model of your vehicle can be factors in determining your premium with regard to theft coverage as some vehicles are more frequently stolen. The price (list price new) affects your collision and comprehensive premium in as much as more expensive vehicles must be insured for a higher amount. Finally, to answer the race question... to the best of my knowledge - all North American jurisdictions have legislation that prevents insurers from asking the race of applicants on their application for insurance. As such, the insurance industry can neither track statistics or charge premium based on race. *** disclaimer - the above applies to North America only.

Are you including mexico? Didnt think so Mr. know it all hazardomgwtfbbq

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Originally posted by Halcyon+On+On OOKA-OOKA ME NACHOS ME PRESS KEYS ON COMPUTER GOOD

blame the idiot kids that street race in their rice cars.

you want to save have a kid.

it makes sense, generally young men behind the wheel tend to be bigger idiots then the rest and cause more accidents.

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Originally posted by nchs09 Are you including mexico? Didnt think so Mr. know it all hazardomgwtfbbq

Mexico doesn't count.





I was going to expand on that but it really doesn't need anything further.

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Originally posted by RickyM you're just a shit version of Moral Hazard. At least he knows what he's talking about.

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Originally posted by pkcRAISTLIN lol, i love it when moral feels the need to lay the smack down

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Originally posted by elFreak blame the idiot kids that street race in their rice cars. you want to save have a kid. it makes sense, generally young men behind the wheel tend to be bigger idiots then the rest and cause more accidents.

haha, the point is to save money. a kid won't do that in the long run

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Originally posted by MeLLyMeL In the process of changing my insurance to new york and i think i can cry at how much more i'll be paying. wack!

new york has tough insurance laws

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Originally posted by lucid pro tip: if you value your life, NEVER do anything that will place you "outside" of the jonze circle of trust.

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Originally posted by jonze new york has tough insurance laws

New York rates are high but that's due to the fact that tort awards in that state are way above the national average thus the insurer's exposure is higher. The PIP and no fault laws in NY definitely add to the premium but NY PIP is a joke compared to Michigan No Fault and MI rates are much lower (largely because the tort exposure is lower... fewer actions and lower awards).

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Originally posted by RickyM you're just a shit version of Moral Hazard. At least he knows what he's talking about.

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Originally posted by pkcRAISTLIN lol, i love it when moral feels the need to lay the smack down