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What is the formula to use in calculating vehicle insurance premium?
Wiki User
∙ 10y ago
An insurance premium derives from a "rate". In turn, the rate derives from a number of factors allowed by state insurance regulators. The premium is the rate multiplied by the number of dollars worth of insurance involved (usually expressed in hundreds)
Some of the factors involved in determining the rate, and hence, the premium, include the driver(s) age(s), the make and model of the vehicle, the location where the vehicle is principally garaged (sometimes, drilled down to specific zip code areas). the average number of miles driven, whether the vehicle is used primarily for personal or commercial purposes, and driving history of the driver(s). There may or may not be others depending upon the law of the state in which the policy is issued.
Wiki User
∙ 10y ago
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If I get a traffic violations does it affect someones insurance?
It can affect: 1. Your insurance premium (for your own vehicle, or your parents vehicle if you are on their policy. 2. Your employers insurance premium (if you drive for work) It will NOT affect: 1. Your friend's premium, unless you are scheduled as a driver on the policy
Vehicle owners purchase insurance from an insurance company by paying a?
The answer for whatever exam you are taking is "premium".
Can a insurance company charge a change in policy fee every time you add or drop a vehicle?
If you change vehicles on your policy it will create a difference in insurance premium. You will receive a bill or a refund for the difference in the premium. There is no policy fee just the premium change.
If you can't identify the vehicle or the driver which hit your car in the parking lot would your insurance cover the damage without increasing your premium?
No, if the insurance company has to pay out anything then they will raise the premium in order to make there money back....
What is the average premium for atlanta car insurance?
Car insurance premiums vary based on the vehicle type and how prone your area of town you live in is for theft and accidents.
Is it lawfull for your vehicle insurance to charge you for what they have covered?
Yes, That's how it works. The insurance company sells you coverage in the form of an insurance policy and you pay a premium in exchange for that coverage. If you don't pay for the coverage then your not covered.
Formula for calculating vehicle accident rates?
You will multiply the amount of drivers by the amount that they are driving and then divide by how many accidents happen per hour.
When is the best time to ask for a car insurance quote in Missouri?
There is no time of the year that is better than another when it comes to purchasing car insurance. No matter what time of year you purchased the car insurance will have to pay the same yearly, or semi-yearly premium. However if you are about to purchase a vehicle, or if you have just received a vehicle as a gift it would be better for you to purchase car insurance before you start to drive your vehicle. Driving your vehicle without car insurance is irresponsible.
Where can you get insurance on a bucket truck so that you can rent it out?
You can get insurance from your regular insurance agent, if that agent understands the business that you are in and your claims history. You should have insurance for liabilty and workers compensation. The range of this coverage will be 500,000 to one million dollars in the US. The premium will be based on the Gross weight of the vehicle and the driving record and experience of the vehicle operator.
Is there a charge by a lien holder if you do not have insurance on the vehicle?
Of course. The financing agreement that you signed requires you to have full coverage insurance and to make sure that they receive a copy of the insurance with their name listed as leinholder on the policy. This assures that they are paid if there is an accident and that they are notified in case of a cancellation of the insurance. There are laws protecting the leinholder in every state. If you break the contract with the leinholder they have the right to repossess the vehicle as well as the put what is called forced place insurance on the vehicle. This insurance protect the leinholder's interest only in case of an accident or damage to the vehicle. This coverage is physical damage coverage only and does not include liability or any other coverages and the premium is very high. The premium is charged to your loan account.
How does commercial truck insurance compare to ordinary premium charges?
Commercial vehicle insurance is considerably more expensive than the premiums for a personal use vehicle. With a commercial vehicle, the risk (to the business) is far greater. The type of vehicle must be considered to relative to liability.. Speak to your agent about the pricing of policies for commercial vehicles.
What is the best insurance?
nationwide Answer- Best insurance means those insurance that provides total risk coverage or total loss replacement in case of vehicle insurance with low premium. You can search various insurance companies on internet, review their offers and can ask for quote to get best deals.
