How do insurance companies determine my rates?

Answer 1

Auto insurance companies determines rates using complicated actuarial tables that include such information as age, gender, address, make/model of vehicle, past driving history, past insurance claim history, credit score, marital status, miles driven per year, your employment status… the list goes on and on.  Most states require that insurance companies file the rules for how they set consumer rates with the state insurance commissioner on at least an annual basis.