Car Insurance Table Ratings

Car insurance tables are guides used by car insurance companies to determine car insurance rates for specific makes and models of cars. Compare quotes online to lower your rates by up to 20%.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

UPDATED: May 13, 2020

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Here's what you need to know...

  • Car insurance tables are used by insurance companies to decide how much it costs to insure a specific make and model
  • The type of car you drive has a big impact on how much you will pay for coverage
  • There are other factors, such as age and credit history, that also affect insurance costs

When people purchase car insurance, many wonder how premiums are determined.

There are several factors that are used as guidelines to calculate how much to charge a subscriber for car insurance.

Car insurance tables — outlines that show where an insurance company places a specific make and model of a vehicle with regard to its price range to insure — are used to keep the insurance carrier honest with regard to how much they charge each policyholder.

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Find out where your vehicle rates on industry car insurance tables, how your car insurer itself gets rated, and other factors that influence your monthly premium.

How Your Car Impacts your Premium

Some cars simply cost more to insure than others. The make and model of your car is one factor in determining the rate of your premium.

The value of the car is also going to make a difference. A new BMW is going to rate differently than a five-year-old Hyundai. Some of the other factors that are taken into consideration include:

  • Frequency of use
  • Annual mileage
  • The driver’s credit history
  • Location of the car and driver

A 25-year-old driver with a Mustang is viewed as a higher risk than a 65-year-old with a Ford Focus. These are based on accident statistics. Carriers rate these factors when offering a potential policyholder rate quotes.

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What Your Insurance Company Does Not Want You to Know

Insurance companies are graded on their performance.

Believe it or not, their standing in the insurance industry affects what they charge their customers.

Standard & Poor’s and A.M. Best are independent groups that grade insurance companies on such points like:

Product Availability

These are just a few of the factors one should take into consideration when grading an insurance company.

The financial stability of a company is going to be a factor in the payout of claims. If there is an instance where many claims have to be paid in a given year, will the carrier be able to meet the demand?

Customer satisfaction is also important when dealing with the public, as are the types of plans offered.

What is The Cost of Owning a Car?

Before purchasing a vehicle, the owner might want to look at how much it would cost to own it. When figuring out the cost of owning and usage, there are three things to keep in mind:

  • Vehicle group
  • Standing cost
  • Running cost

The purchase value of a car impacts the vehicle group it is rated in. For example, a BMW in the U.S. is going to depreciate more slowly than a GM car, but the BMW is going to cost more in taxes.

This factor should be grouped under the standing cost.

An SUV is going to cost more in gas than a compact car, so it carries a higher running cost.

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Which States Charge More to Own a Car?

You should know up front if you live in a state with a higher cost for car insurance. States, where the cost of living is higher, tend to have higher rates. So do cities where heavy traffic is constant.

Some of those cities include:

It is going to cost more to own a car in these areas. The risk of filing a claim is greater in addition to the cost of doing business. The cost is then passed on to the policyholder.

The zip code is the first thing a company wants to know when offering a quote.

Carriers must be licensed in a particular state to do business in that state. Most are licensed to do business in a region of states.

How to Save Using Car Insurance Tables?

Policyholders can save money by becoming familiar with insurance tables. Your credit rating is going to make a huge difference in what a company is able to offer. People under 25 pay the most when it comes to age.

One way to overcome the heaviest burden is to take a couple of safety classes. And by choosing a compact car over an SUV, you can save money on premiums.

Where can I find car insurance tables?

The internet is an educational tool that includes information on how insurance companies rate your vehicle in determining what to charge. It also offers information on different carriers and their standing in the industry.

A savvy driver who wants to do research before taking on the expense of car ownership will find insurance tables helpful.

Enter your ZIP code below to receive car insurance quotes from multiple companies today!

Free Car Insurance Comparison

Enter your ZIP code below to view companies that have cheap car insurance rates.

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