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Symbols, Rating, and Why My Rate's So HighOK, so you're over 25, married, you live in New Mexico, and you're the safest driver on the road. You deserve a cheap
auto insurance quote. So why is your
car insurance rate so high?
Auto insurance quotes depend on a lot of different things. It may be that the car you're driving is riskier than you think. For instance, did you know:
1. If you drive a Suzuki Aerio you are likely to have injury claims 237% higher than if you were in a Subaru Impreza WRX?
2. Drivers of a Honda Civic Hatchback have collision claims 83% higher than the average?
3. Your Dodge Ram Quad Cab is 354% more likely to be stolen than your neighbor's Nissan Titan Crew Cab? And a Cadillac Escalade is 1,054% more likely to be stolen than a Lincoln Navigator?
Insurance companies generally rate cars using symbols--numbers ranging from 1 to as high as 30. (More companies are using more complicated symbols that break down the details even more, but let's just look at the easy numbers used by many companies.) The higher the symbol, the higher your insurance rate will be. The symbols are based on how likely a car is to be in an accident, how often people get hurt in that vehicle, and how frequently it is stolen.
For instance, a 2001 Dodge Caravan SE 4-door wagon is a symbol 5, meaning it would be much cheaper to insure than say a Dodge RAM 3500 Pickup which is a symbol 19 or a Mustang GT convertible which is a symbol 25.
That's why it's so important to call your insurance agent before signing the papers when buying a new car.
You can look at the same statistics the big insurance companies see by clicking here. (The 4-page chart takes a little time to load, so please be patient. If you haven't installed Adobe Acrobat Reader yet, you will want to get it by clicking the logo in order to view the statistics.)
Research your next car by looking first at www.highwaysafety.org.
For the best advice on the web for buying your next car, visit The Motley Fool.
Let us give you a quote on auto insurance now by clicking here.
This page presents only a brief description of coverages and should not be construed to modify or expand the terms of your policy. Please refer to your policy for exact definitions and exclusions. Some coverages may or may not be available in your area. Please call Schreiber Agency at 505-325-1849 or your local agent for answers to any coverage questions you may have.