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Auto insurance. Idaho.
Idaho Auto Insurance Information
Auto insurance rates are based on a variety of factors. The premium you pay consists of a "base rate" plus or minus amounts reflecting your age, gender, marital status, driving pattern, vehicle type, driving record, and claims history. There is a different base rate for each type of car and geographical area. While individual companies may differ in the amounts they assess for each factor, the major rating factors are fairly universal.
What factors affect my premium
- Your age: Statistics show that, as a group, drivers under age 30 and over 75 have more accidents per mile driven than the general population. Thus, these drivers are charged higher rates, as well as families with young drivers in the household.
- Your gender: Young men are involved in more accidents per miles driven than any other population group. The difference is especially pronounced for male drivers under 30. Idaho law allows insurance companies to charge on the basis of gender and age where the actual proof of differences in risk exists.
- Your car: Generally, the more expensive your vehicle, the more you will pay for comprehensive and collision coverage. Also, because sports cars and high-performance cars tend to get into more accidents, cost more to repair, and are more likely to be stolen, they cost more to insure.
- Your location: The higher number of accidents in a populous area will raise both your liability and collision premiums, while higher crime rates in urban areas can raise your comprehensive premiums. The law allows companies to base your rate on your address (garaging territory), even though you may drive to a more urban or rural area.
- Driving patterns: The more miles you drive, the higher your rates will be. A car used for a total of 7,000 miles a year would normally have lower rates than a car driven 15,000 miles a year. Your work commuting distance will mean additional miles on top of non-commuting, "pleasure", miles.
- Your driving record and claims history: Most companies apply a surcharge to drivers who have been involved in an accident or convicted of multiple traffic violations. Also, the more claims you have made, the higher your rates are likely to be.
- Choose the right car: Before you buy a car, check with your agent to see how much the rate for the car you have chosen will be, and if the premium and the car payment fit your budget.
- Choose a higher deductible: Your insurance premium can be decreased if you increase your portion of the risk. Raising your collision and comprehensive deductibles from $250 to $500 or higher can save money. You do need to be aware that you will have to pay the higher deductible any time you use these coverages.
- Take advantage of special discounts: Ask each company what special discounts it offers. Discounts are available to young drivers who are good students or have taken a drivers' education course. Discounts are also available to seniors who take the "55-Alive" program offered by many organizations in the state.
- Eliminate duplicate coverages: You may have an overlap in coverage, such as medical coverage and health care, or collision and uninsured motorist property damage. Ask your agent to explain what each coverage offers.
- Shop around: Since insurance companies are all separate businesses with unique financial goals and costs, it is notn't unusual to find rate variances between companies for the exact same coverage. The cheapest insurance may not provide the degree of coverage you need. It is a good idea to discuss this aspect with your insurance agent and/or insurance company.
- Companies differ in the skill, care and speed with which they settle customers' claims.
Idaho Insurance Code §41-2502 states that no insurance policy covering liability will be delivered in the state unless coverage is provided for uninsured motorist in the limits required by Idaho Code §49-117. However, the named insured shall have the right to reject such coverage, which rejection must be in writing. This is a very important coverage providing state required limits to you in case you have bodily injuries due to an uninsured motorist.
There is no state requirement for property damage, just bodily injuries. You should ask your agent if your company provides uninsured motorist property damage. Typically the price for this coverage is minimal and is well worth the premium.