Why are insurance prices so drastically different between insurance companies?

Why are insurance prices so drastically different between insurance companies?

I called 4 or 5 insurance companies today, hoping to set up my own personal auto insurance for the first time. I'-m a 17 year old male and have been involved in an accident for which I was at fault, so I expected premiums to be extremely high. I called TD meloche monnex, the cooperators, Allstate and Brokerlink. I requested the most basic insurance from each for my 2002 Camry LE. Allstate had the cheapest rate by almost 700 dollars a year. The cooperators were asking for more then 1000 dollars annually compared to them. Generally, my decision would be easy, but the catch was that Allstate wouldn'-t set up a payment plan for me. I would have one payment of 1676. An I being ripped off? Or is Allstate really just that much better? I requested the most basic coverage from each, so is the most basic coverage from Allstate the same as the most basic coverage from other companies? Thanks for any imput!!!


A common problem encountered when getting auto quotes (particularly online) is that many aggregator sites give you an estimate of what an insurer might charge you. And I say "might" because for the purposes of a quote they often will not run underwriting reports such as a credit score, a MVR (a record of tickets and accidents) or a CLUE report about previous losses. These reports cost money so they are not ordered just to give you a quote.When you actually apply for coverage (when they know you're a customer) they will complete the underwriting by ordering the reports. So depending upon what shows up your final quote might be quite different than your original quote.Source(s):...



Popular Q&A

How does auto insurance work when you "loan" your car to another?
Call your insurance company to see if you can add him to your policy or if he would be covered under yours. Each state is different so ask them. And GO DAD!! 87 and an excellent driving record, those 2 things don't usually go together.

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Stick with the major carriers websites. Avoid web sites not associated with a major carrier that offer comparative quotes. The quotes you receive will be estimates and the result will be that the policy will not be issued at the price that was quoted.Try this site to find the best auto insurancehttp://best-auto-ins-usa...

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