A new analysis of regulator-provided premium data shows that drivers in certain parts of downstate
To quantify the extent to which a policyholder’s address plays in setting premiums, the site analyzed more than 350 sample quotes contained in a 2010 car insurance comparison published on the
The analysis found that rates for a minimum policy bought by a 35-year-old married male were lowest in
<location value="LU/us.ny.midown" idsrc="xmltag.org">Middletown was about 40 percent below the downstate average of
The full rankings for the 13 geographic areas are attached to the copy of this release hosted on PR Web.
Territorial rating—the use of a person’s address to help set premiums—is allowed across the country, with varying levels of regulation on how insurers cut up a region into territories. In this practice, insurers look at the claims history of the area where a policyholder regularly garages the insured vehicle. By analyzing how often other motorists in the surrounding area file claims and how large those claims tend to be, insurers can tweak rates to better reflect the risk of the insured driver.
Generally, this tends to leave densely populated urban areas with higher premiums than more diffuse rural areas, a fact that is reflected in the results of the premium analysis.
To learn more about this and other car insurance issues, readers can go to http://www.onlineautoinsurance.com/compare/ where visitors will find informative resource pages and a rate-comparison generator that can help shoppers quickly evaluate their options.
Read the full story at http://www.prweb.com/releases/new-york/car-insurance/prweb9053395.htm
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