A number of factors are considered when a company is determining what VT auto insurance rate to charge. Each company offering coverage in the state may consider similar ones when setting prices, but not all of them give each one the same weight. The exact formula used for doing so is confidential and a customer can find the best rates by getting quotes from several providers.
One of the factors that companies look at before agreeing to provide coverage to a policyholder is the applicant’s driving history. An insurance provider will charge higher rates to a customer who has been involved in one or more accidents or who has moving violations on his or her record. It uses past events to predict the likelihood that a driver will be making a claim against his or her policy.
The make and model of the vehicle is another factor that is used to set a VT auto insurance rate. Insurance providers know which cars cost more to insure because they are more likely to be targeted by thieves or are more expensive to repair. SUVs cost more to cover because they are more likely to cause physical damage to the other vehicle during a collision.
Insurance companies in VT also consider an applicant’s age, gender and marital status. Young drivers pay higher rates than people who have a number of years of driving experience, and young men are charged more for their coverage than females are. Single applicants for coverage also get charged more than their married counterparts.