Why do different insurance carrier charge different rates for like peas in a pod coverage and benefits?
Answers: They respectively decide what they want to focus on, and where they feel they can make money. The things they really want to write, they offer better coverage & premiums. The things they don't want to write, the worse coverage enhancement and higher premiums.
There are several reason:
1) Different networks negotiate different prices.
2) Claims history impacts rates
3) Coverage looks the same but it isn't. Read the fine print.
4) Overhead and commissions ebb and flow.
5) They use diiferent data to calculate premiums. Source(s): Florida Medical and Health Insurance
http://www.getonlinequotes.com
It's just like a whopper at Burger King is a different price than a Big Mac is at McDonald's. They're both burgers. They accomplish duplicate thing. They're just from different companies.
Insurance rates are based on your age, where you live, for cars, what sensitive of car u drive, how much mileage you drive a year, what kind of coverages you want, do you enjoy bad or good driving archives, etc. these are just some of the parameters ins. co's use to estimate your prem. if athere is another entity out there with like exact info as your', then you should have the saem rate as his. Aslo, tahey involve to know your driving experience, so they can check your risk level, of if you are not insurable at all.
It is call C O M P E T I T I O N. Source(s): Econ 101
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