answersLogoWhite

0

This is a good question but different insurance companies use their own rating systems to classify the risks they insure. I know of one company that uses 88 different classification codes for auto insurance. Certain I can give you a few which are: age, sex, marital status, moving violations (3yrs.), zip code where you reside, type of education, type of job, number of years licensed, prior claims (3yrs.), insurance credit score, years in residence, own or rent, and many many more. Not all companies use all these factors and other companies use more than these.

User Avatar

Wiki User

10y ago

Still curious? Ask our experts.

Chat with our AI personalities

JudyJudy
Simplicity is my specialty.
Chat with Judy
ViviVivi
Your ride-or-die bestie who's seen you through every high and low.
Chat with Vivi
LaoLao
The path is yours to walk; I am only here to hold up a mirror.
Chat with Lao

Add your answer:

Earn +20 pts
Q: How are insurance risks classified?
Write your answer...
Submit
Still have questions?
magnify glass
imp