Report on the Factors used to decide Insurance Rates

A report released today by InsuranceQuotes.com suggests that there is a lot of misperception about the factors that affect a person’s insurance rates. For example, fewer than half of respondents realized that education levels play a role. Only 54% realized that a person’s gender affects how much they pay. InsuranceQuotes.com Senior Analyst Laura Adams says rates are complex. “Insurance rates are pretty complex, there is a lot that goes into it, so just that awareness is going to help consumers.” Adams says knowing what goes into an insurance rate can help someone shop for the best one. “You want to be aware that there are going to be competing rates out there and if you are shopping around you will make sure that you are never overpaying for insurance.” The biggest factors are within a person’s control, adds Adams. “Generally we are looking at a lot of things about the vehicle, so does it have safety features, is it a newer or older car, that is very important, and certainly your driving history.” Simply speaking with your insurance agent on a regular basis can save you money, concludes Adams. “Communication with your insurance company is very important, if you have a lifestyle change such as commuting fewer miles to work, which is something that can save money or even just getting married.  In many cases getting married is one of the factors that can lower your rate.” To read the complete report visit www.InsuranceQuotes.com.