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):...



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