Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company in accordance to the regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages. However, when the premium is not mandated by the government, it is usually derived from the calculations based on statistical data. The premium can vary depending on many factors that are believed to have an impact on the expected cost of future claim. Those factors can include the car characteristics, the coverage selected, the profile of the driver and the usage of the car.
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