Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 9, Issue 11July 2014

MONTHLY MESSAGE

Understanding How Carriers Set Your Premium

If you have looked for auto insurance lately, you might have received a notice from an insurance carrier saying that your insurance premium is based on a range of information, including your claims history, your driving record, your credit report and more. Usually the notice includes a website where you can get access to the reports the insurer used in setting the premium.

Clients are sometimes surprised when they do not receive the best premium, especially if they have a clean driving record and an excellent credit score. It is important to note that different carriers assign varying weights to the individual reports that they utilize. For example, some carriers place more emphasis on your credit report, while others care more about your driving record or your claims history.

Carriers use their formulas to try to arrive at a premium that is, as much as possible, tailored specifically to you: how you drive, what you drive, your credit history and other factors such as your age, where you live, etc. If you are a good driver and have good credit, this is to your benefit. Before carriers considered so many factors, drivers were lumped together based on general information. As a result, good drivers ended up subsidizing poorer drivers, to some extent. With the new formulas, you benefit more from your good driving and payment behavior.

If you think that your premium is not reflective of your behavior, you might want to check the websites that the insurer provides to see the reports on which your premium is based. From time to time, credit reports, accident reports, etc., are inaccurate or outdated. If you find errors in your reports, you can act to correct them – which might result in a lower premium. However, unfortunately, only you can access those reports; we cannot check them on your behalf.

It also is important to remember that premium is not all you should consider when deciding on a car insurer. Some carriers have more experience and expertise with certain kinds of vehicles or clients. For example, some carriers specialize in luxury cars or city drivers. As your full-service insurance professionals, we can explain the areas of focus that different carriers have and help you evaluate the benefit of working with the right carrier compared with getting a rock-bottom premium.

At The Bensman Group, we are happy to discuss your options for auto insurance or any other kind of coverage. Just contact us at 847-572-0820 or dmiller@bensman.com.

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