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Individuality of Insurance Policies

There are many different factors that go into rating an Allied Insurance policy that you simply cannot base your rate off commercials, friends and rates of other people. One of these factors is your credit. As much as people are not a fan of credit based rating, it is something you have to be aware of. Insurance scores are based off your credit history and the cleanliness of it, so depending on if you have any delinquencies or other negative marks on your history that your friends or family members do not - it is going to impact your rate differently. Although credit cannot negatively impact your policy coverages, you may not be receiving the same discounts as someone who has an absolutely clean credit history and that is why your pricing may not be as good as theirs.

No Same Insurance Policies

It is also important to know your coverages and those of the person you are comparing to before making a judgment on if someone is getting a “better price”. It is very easy to know what you are paying, but paying attention to what your coverages are may sometimes be a bit trickier. An individual that has very high limits of insurance most likely is going to pay more than someone who selects to maintain state limits of liability. If someone carries higher or lower liability, higher or lower deductibles, additional options offered by the company, etc. these all can have an impact on why your rate may be different than theirs.

Location as Insurance Rating Factor

Location is also a rating factor for insurance policies. All rates are determined based off zip code and the territory that you garage the vehicle. Depending on the loss ratio within that area, your rates may be higher than someone else’s, even if everything else is absolutely identical. Certain zip code areas may have higher frequency of claims based on weather, theft, collision reports and claims filed in general. So location of the vehicle does impact the rate dramatically. Depending on the product you are comparing, it can also make a difference in getting materials to that particular area as well, whether it is regarding the reconstruction cost of a home or the fire protection class.

So when comparing your policy’s pricing to someone else’s, be conscience of the factors that can impact your rates as there are several different rating factors from one person to another that can adjust a rate for an individual.

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