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Idaho Auto Insurance Rates

All licensed drivers who own vehicles registered in the state of Idaho are required by law to carry continuous auto insurance coverage to protect drivers on public roadways.

If you have recently moved to the state, or you are in the process of doing a routine rate review, it is very important to comparison shop so that you can find the perfect policy at the most competitive price. Not only must you know the required coverage limits in the state, you should understand how rates are determined and why your rates are dramatically higher or lower than others in your area.

To help you gain an understanding for Idaho auto rates, read this detailed guide and learn everything that you need to know.

And be sure to enter your ZIP code into the FREE comparison tool located above to start you search for auto insurance!

What Coverage Options Are You Required to Purchase in Idaho?

Mandatory auto insurance coverage requirements vary from state to state. In the state of Idaho, all drivers must always have proof of financial responsibility with them in the event that they cause injuries or damages in an automobile accident. To satisfy the financial responsibility laws in the state, you must carry liability coverage.

Idaho legislative code states that drivers must carry $25,000 per person and $50,000 per accident in Bodily Injury coverage, and $15,000 per occurrence in Property Damage cover.

Insurance companies in the state of Idaho are also required to offer all insurance applicants the option to purchase Uninsured Motorist coverage and Medical Payments coverage to protect you against injuries that are sustained in an accident.

Electing to carry even the minimum amounts of Medical Payments and Uninsured Motorists will cost additional premiums, which is calculated based on many different rating factors. If you do not want to pay the additional premiums or you do not want duplicate cover, you do have the right to reject these coverage options in writing.

Failure to Comply with Auto Insurance Legislation

It is against the law to drive without Liability insurance in Idaho, but some do not comply with the law.

Choosing not to carry insurance can lead to expensive fines and penalties if you are caught. Because Idaho has electronic verification systems, anyone whose insurance cancels or does not renew will be reported to the DMV.

If you do not provide proof of an active policy, your vehicle registration will be suspended into you do. You will also have to pay a reinstatement fee in addition to your auto insurance premiums.

Vehicle registration suspensions are not the only penalties that are enforced. If you are issued a citation for driving without insurance, you will be convicted of a misdemeanor in Traffic Court.

The penalty may be license suspension up to 180 days, revocation up to 2 years, fines, and between 2 days and 6 months in jail. To avoid being assessed these very stiff penalties and to keep your record clean, it is important to buy a policy with no lapse in coverage.

How Are Idaho Auto Insurance Rates Determined?

Auto insurance rates may be determined by each licensed insurance company in Idaho, but every company is required to file their rates with the Department of Insurance in Idaho to ensure that they are fair to consumers.

The Department is the state regulatory authority in the state, but they do not regulate which niche the company targets as long as they are charging fair rates to every niche.

An insurer will decide which market they would like to target and then use several different rating factors to calculate rates and stay competitive in that market. Your base rate will be determined after considering all rating factors but can change based on the coverage options that you choose.

What Are the Rating Factors Used to Calculate Base Rates?

Believe it or not, insurance underwriters are tasked with the job of using a variety of risk factors to calculate how much they should charge you for annual coverage. The reason that many different factors are considered is because auto insurance premiums, like all insurance premiums, are based on risk.

By using the data and statistics collected by the industry and by actuaries of the company, the company is able to assess risk and to determine which drivers and households are riskier than others.

To one company, a driver with a speeding conviction may be much more risky than another company who targets people with blemishes on their records. This is why it is so important to comparison shop and locate the company that wants your business.

In fact, shopping around to compare the rates with several different insurers licensed to do business in Idaho is the most effective way to save money off of your premiums so that you can stay protected without breaking the bank. Here is a list of some of the most popular rating factors considered industry wide:

Age and Gender

Two of the factors that you have no control over are age and gender. While some believe that these are unfair rating factors that are discriminatory in nature, using age and gender statistics helps insurance companies define who will be a risky driver and who may pay more into the pot for coverage so that the company can pay claims and stay profitable.

Statistics show that males are much riskier drivers than females, especially in certain age groups. This is why age and gender are typically considered together. All drivers under the age of 30 are classified as risky applicants, but males pay higher rates than females in this age group.

As you age, your rates will go down as long as you maintain your driving record. When you reach the age of 75, however, your rates will begin to rise again.

Vehicle Classification

If you have a sports car, you undoubtedly going to pay higher rates than drivers who have a sedan and all of the same rating factors. This is because insurance companies will use vehicle classifications to determine how likely you will be to file a high cost claim.

The classification code used is determined by reviewing claims filed for the vehicle type. The insurer will consider how much damage is sustained in an accident and how much damage is caused. It will also consider the injuries sustained.

Surprisingly, the rates are determined more by claims statistics and vehicle safety records than the value of the vehicle.

Driving Record and Claims History

These are two of the most well-known rating factors. Most consumers who have purchased insurance are familiar with the fact that their driving record and prior claims filings can affect their rates. In the state of Idaho, minor traffic violations can affect your rates for 36 months following a conviction.

At-fault claims can affect your rates from 3 years following the incident. Surcharges will not be removed until a policy renewal once they are applied. This is why many choose to shop for coverage in the middle of their term.

Vehicle Usage and Annual Mileage

Did you know that your driving patterns play a major role in how much you will pay for insurance. A driver who only uses their vehicle to drive to the store or to a friend's home will pay less than a driver who commutes 5 days a week. There are 3 vehicle usage classifications: pleasure, commute and business. Pleasure carries the lowest rates and business users are considered the riskiest.

Your annual mileage can also affect your rates. Drivers who drive less than 5000 miles each year will not pay the standard mileage rates because they will be in a lower priced rating bracket. Conversely, drivers who driver over the annual mileage average will be put in a higher rating bracket where their premiums will cost more because their is a higher exposure to risk.

Credit History

Many wonder what credit scores have to do with buying insurance. It is common for insurers to review a credit report to give each policyholder an insurance score. This score can affect rates because history shows that people who manage their finances well are less likely to file insurance claims.

Having a solid score can help you keep your rates low. If you have a poor credit score, you may want to review your report for errors to see if they can be corrected to lower your auto insurance rates.

There are several different ways that you can save money on auto insurance in Idaho. Now that you know how your rates will ultimately be calculated, it is time to find an insurer who offers competitive rates that you can afford to pay. Once you compare the rates that you will pay for basic coverage in Idaho, you can adjust the coverage to see how much additional limits will cost you.

Use an intelligent rate comparison tool such as the FREE one below to compare Idaho auto insurance rates, and price the cost of insurance without even leaving your living room.

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