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Who Sets Auto Insurance Rates? Auto Insurance rates are a complicated business. Have you ever wondered who sets your auto insurance rates and how the rates are actually derived? Many factors determine how much you will pay. Most of these are common sense and you probably already know but let's go over them just in case. The very first thing that occurs is that the insurance company determines all its costs for the previous year. This includes all claims, the cost of operations, and what ever costs they incur. They then take those costs and divide them among all the drivers insured with them. This sets a base line for them but it doesn't mean that's what you will pay. Your driving record plays a major role in how much your premiums will be and whether you earn a discount. The better your driving record the lower your total cost to insure your auto is going to be. Your driving record includes auto accidents and speeding tickets. » Discuss it » Continue Reading »
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