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Insurance Keytag

There are many different factors that go into the bottom line price that companies use to rate your auto insurance premium.

If it were not for computers, I would not even know where to start.

The four main rating factors for auto insurance are: Age, credit, car and driving history.


Insurance companies use your age in their overall rating algorithms. Drivers who are under 25 or over 65 typically don't get preferred rates; statistics show that those two age demographics have the most loss frequency and are therefore more at risk for financial loss due to an auto accident.


Credit is a metric that has been used in insurance scoring for many years. The better your credit, the more favorable your rates will usually be. This is the main factor that people question. But statistically, your credit score indicates potential for future losses. Just like going to the bank for a loan or a credit card, credit is a factor when determining what your auto insurance premiums will be.


The type of car, engine size and safety features are all part of the rate of course. I think this factor is the most obvious. If you have a high-performance sports car, it is not going to get the same insurance premium as a four-door family car. Value is part of this equation as well.

Driving History

Your driving record and loss history play substantial roles in the price. If you have a spotty driving history — or multiple moving violations or accidents — chances are, you won't get a preferred rate until at least three years pass.

Insurance companies underwrite at the household level. This means they try to judge based on the entire household what the probability of loss will be. If there are multiple drivers in the house who are under the age of 25, that will impact everyone's pricing in the household. You also get discounts for multiple vehicle and multiple policies with one company. Sometimes, you can get a discount just for having it with the same agency.

As an independent insurance agency, Select Insurance, LLC shops around with all the companies we represent to get the coverage you need at the best price based on the above rating factors and many others. Get in touch!

Select Insurance, LLC

  • Anderson - (864) 964-0622
  • Honea Path - (864) 369-2662
  • Abbeville - (864) 366-2054
  • Greenville - (864) 517-1057

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