A number of factors are used to calculate your ME auto insurance rate. Companies licensed to provide coverage in the state use proprietary formulas to set premiums for customers, and each one differs in the way that it assesses the level of risk that an applicant presents. Insurance providers may consider similar factors, but not all of them give each one the same weight.
One of the most important factors that car insurance providers consider when setting rates is the individual’s driving record. A person who has been involved in one or more accidents or who has recently been licensed will be considered a higher risk than a mature driver who has a clean driving record. Customers who have been involved in an accident who see their rates increase as a result of the incident will likely be able to qualify for better ones if they are able to remain claims-free for a few years following the incident.
The make and model of the vehicle to be insured is another factor ME auto insurance companies consider when setting rates. Customers who choose to drive sports cars will be paying higher rates than those individuals who choose one that is not necessarily meant to go fast (and is more likely to be involved in a collision as a result). Other vehicles cost more to insure due to their high repair costs.