Augusta
VIP Contributor
When it comes to payment of insurance premium for any insurance policy there are factors that influences the decision of the insurer. The following are the common factors of influence
insured age.
This is one influential factor for any Insurance policy. The insurer will always look at the age of the insured to because predict the likelihood of needing an insurance policy.
Like with health insurance, cheaper premium will be given to younger people as they are less likely to need medical care, but higher Premiums will be demanded of people with higher age as the chance of them needing more medical services is high too.
Coverage type.
Any insurance policyholder has different options when it comes to buying an insurance policy. So the more comprehensive plan you need the more coverage that you receive and this means higher premium, the more expensive it will be.
Amount of deductible
With high deductible on any insurance policy you buy get a lesser premium to pay but if the deductible is low you would get a higher premium to pay
Insured Personal details
The policyholder personal information can also determined the amount of premium to be paid. The insurer will consider the claims history, driving record, gender, ,marital status, family, smoking status,.etc
insured age.
This is one influential factor for any Insurance policy. The insurer will always look at the age of the insured to because predict the likelihood of needing an insurance policy.
Like with health insurance, cheaper premium will be given to younger people as they are less likely to need medical care, but higher Premiums will be demanded of people with higher age as the chance of them needing more medical services is high too.
Coverage type.
Any insurance policyholder has different options when it comes to buying an insurance policy. So the more comprehensive plan you need the more coverage that you receive and this means higher premium, the more expensive it will be.
Amount of deductible
With high deductible on any insurance policy you buy get a lesser premium to pay but if the deductible is low you would get a higher premium to pay
Insured Personal details
The policyholder personal information can also determined the amount of premium to be paid. The insurer will consider the claims history, driving record, gender, ,marital status, family, smoking status,.etc
