Those California drivers who have garnered tickets and accidents are likely to see a hike in their auto insurance rates in the months to come.
According to the Los Angeles Times, those insurers who were chopping rates two or three years ago are presently filing rate hike requests, about 8 percent statewide. Insurers note that high-risk drivers will likely witness double-digit premium increases to their fees, with low-risk drivers seeing little change.
Going back to Sept. 30, more than 100 state auto insurers obtained Insurance Department approval to increase rates. Only 11 companies chopped rates during the same time frame last year.
Companies rely on three prime factors when determining rates-driving record, amount of driving experience and the amount of miles driven annually. Companies, however, can use up to an additional 16 factors to decide rates, including one’s marital status, ZIP Code, vehicle type and credit history.
Topics California
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