What factors determine the cost of my insurance premium?

The cost of your insurance premium is determined by several factors. These include the type and level of coverage you choose, as well as your age, gender, and driving record for auto insurance or your health status for health insurance. Additionally, factors such as the location and value of your property, the type of business you operate, and the level of risk associated with your occupation can influence the premium for property and casualty insurance. Other factors may include your claims history, credit score, and the deductible you select. Insurance premiums are calculated based on a combination of these factors to assess the level of risk you pose to the insurer, with higher risks generally resulting in higher premiums.