Whether it's car, home, health or life, everyone will at some point need insurance. With that in mind, Bankrate sat down with some of the top experts in the insurance field to get their thoughts on the industry and what consumers need to know.
Graphic: What factors affect my auto insurance premium?
Madelyn Flannagan, Vice President of Educational Research and Agent Development, Independent Insurance Agents and Brokers of America:
The year, make, model, and value of the car that you're purchasing are all going to affect your insurance. So it's always best before you make the new car purchase to call your agent and just compare. If I buy an older car with a lesser value, understand you're going to pay less for insurance. But if you're buying a newer car there might be some cheaper newer cars that have a lesser value or less risk of a loss. So just call your agent and make your choice that way.
Jim Whittle, Chief Claims Counsel, American Insurance Association:
Some of the variables are your own experience. How much are you driving? Where are you driving? You might have an insurer that cares about credit scores. You might have an experience rating, your youthfulness can be an issue. So there is a whole array of variables really shopping around. Empowering yourself, asking questions, making sure you are satisfied with the answers. If you don't like that somebody is using a certain variable you will find somebody that isn't because they are willing to do business without that variable.
Madelyn Flannagan, Vice President of Educational Research and Agent Development, Independent Insurance Agents and Brokers of America:
One of the best things to ask your insurance agent when you're getting a price is to compare and contrast several companies. Most insurance agents represent at least ten personalized carriers. So ask them to give you a price with all those carriers and give you information about those carriers so you can make an informed choice.
To learn more or shop around for the best insurance rates, visit the insurance section at Bankrate.com.