Which of the following is a factor that increases your auto premium?

• Age. The primary factor affecting the cost of life insurance premiums is the your age. ...
• Gender. Gender is also a significant factor in the price of life insurance. ...
• Smoking. Smoking puts you at a higher risk for many health problems. ...
• Health. ...
• Lifestyle. ...
• Family Medical History. ...
• Driving Record.

What increases insurance premiums?

What are 5 or more factors that increase your car insurance premiums?

Which of the following factors would cause your premium to be higher?

Factors used to determine the cost of insurance can include driving record, age, miles driven, gender, marital status, residence, and type of vehicle.

What is a factor that increases costs of insurance premiums?

Age and gender influence premiums, with younger individuals and females typically paying less. Health, tobacco use, family history, and lifestyle/occupation can raise or lower costs based on risk factors.

Which of the following is available to those who are age 65 or older?

Medicare is health insurance for people 65 or older.

What are premium factors?

What Is the Basic Premium Factor? The basic premium factor is the acquisition expenses, underwriting expenses, profit, and loss conversion factor adjusted for the insurance charge for a policy. The basic premium factor is used in the calculation of retrospective premiums.

Which of the following could cause your premiums to increase?

-Your​ age: younger drivers have less experience and pay higher premiums. - Your​ mileage: the more miles you​ drive, the higher the premium. -Your driving​ record: individuals with poor driving records pay more than individuals with good driving records. ​-Location: insurance is higher in larger cities.

What is the replacement cost percentage?

Replacement Cost means if there's a covered loss, your insurance company will pay to rebuild your home using materials purchased at current costs, up to your policy limits. It's important to insure your home for at least 80% of its replacement cost.

What are 5 or more factors that increase your health insurance premiums?

How insurance companies set health premiums. Five factors can affect a plan's monthly premium: location, age, tobacco use, plan category, and whether the plan covers dependents.

Which gender pays more for car insurance?

On average, young men pay much more for car insurance than young women. This is because car insurance providers find men to be riskier drivers than women, especially when they are younger. When they are older, women start to pay slightly higher rates.

Which of these will increase car insurance premiums?

Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age and your driving record.

Why do premiums increase?

Think of expenses that tend to trend upward in all parts of the economy, like health care, salaries and other costs of living. Inflation is another major factor that affects these expenses. These higher expenses are offset with premium increases that affect most, if not all drivers.

Which of the following is a factor that decreases your premium of an automobile insurance?

Your Age

Generally, drivers over the age of 25 will see lower premiums because they have several years of driving experience, whereas drivers under the age of 25 are still gaining their experience. Teenagers are especially risky to insurers.

What drivers generally pay more?

Your age – In general, mature drivers have fewer accidents than less experienced drivers, particularly teenagers. Insurers generally charge more if teenagers or young people below age 25 drive your car.

What factors can increase a person's car insurance premium?

Which of the following types of risk or result in the highest premium?

Substandard risk will result in the highest premium as these individuals have a higher likelihood of experiencing a loss or making a claim. Explanation: The highest premium will be charged for substandard risk.

What is the big affect insurance?

BIG AFFECT is the acronym insurance agents use to remember all of the broad form perils that are included in addition to the basic form and extended coverage perils.

Which of the following may reduce your insurance premium?

Increase your deductible

You can often opt to increase your car insurance deductible — this means you would pay more out of pocket if you have a claim but, in exchange, pay less for your policy. There are typically deductibles on auto collision coverage, auto comprehensive coverage, UM/UIM coverage, and PIP.

What factors influence the cost of an insurance premium?

What is a premium in car insurance?

A car insurance premium is the amount you pay your auto insurer to protect you and your car. An insurance company determines this amount based on its best guess about your potential to make a claim for reimbursement or to have someone else make a claim due to you causing an accident.