Protland Maine ME auto insurance question
Reader’s Question:
I would like to know if there is any hard and fast rule in determining auto insurance premiums. I have auto insurance policy in Portland Maine.
Sandra
Portland, ME
Hello, Sandra.
Auto insurance costs have been affected by the rising cost of auto repairs and medical care in recent years. Auto insurance company must submit their request to the state’s Insurance Commissioner if they want to increase its insurance rates. They must also include enough financial information to justify the rate increase. Rate analysts will review the facts provided by insurers and will approve the request if they find them congruent to the laws of Maine.
In addition to that, auto insurance companies may change the way their rates vary based on a number of factors such as address, age, gender, and driving history. Auto insurance rates can be based on many factors. Premium rates is made up of a base rate, plus/minus certain pegged amounts relevant to age, marital status, gender, driving patterns, claims history, credit history, geographical area, model, year, and make of the vehicle insured.
Weight on these factors would vary from one company to another. For a more accurate explanation on ratings, you can ask your local auto insurance agent in Portland Maine for appointment so you will better understand.
You may also start shopping for free quotes online so you can compare premium rates. Enter your zip code on the relevant space found in this page.