I used to work at Safeco pricing auto insurance. (I had two west coast states I was responsible for.) Every company has different formulas to calculate your premium. Just shop around and call multiple companies for quotes. At safeco, we would take into consideration what other companies charged in our pricing model, but there was still the possibility of a huge difference in rates compared to other companies. Loss ratios are prescribed by state legislation, it's a highly regulated industry. All insurance companies are required to provide a document detailing their pricing formula to the state insurance commission that could be accessed by the public.
SilverStory6503 t1_iuhyp5g wrote
Reply to Your insurance will most likely be going up by Grayjay000
I used to work at Safeco pricing auto insurance. (I had two west coast states I was responsible for.) Every company has different formulas to calculate your premium. Just shop around and call multiple companies for quotes. At safeco, we would take into consideration what other companies charged in our pricing model, but there was still the possibility of a huge difference in rates compared to other companies. Loss ratios are prescribed by state legislation, it's a highly regulated industry. All insurance companies are required to provide a document detailing their pricing formula to the state insurance commission that could be accessed by the public.