Which of the following is incorrect among the Premium Rating Factors used to decide the amount of insurance?

The assertion that the age of the registered owner is an incorrect premium rating factor is not accurate. The age of the registered owner is actually a well-established factor that insurers consider when determining insurance premiums. Age can directly impact driving experience and associated risk; typically, younger drivers are seen as higher risk due to less experience, while older drivers may benefit from lower premiums due to their established driving history.

On the other hand, factors such as where the insured lives, vehicle use, and the driving record of the registered owner are all critical elements used to assess risk and establish premium rates. The location can affect the likelihood of theft or accidents, the purpose of the vehicle (commuting, pleasure, business) influences usage patterns and risk, and driving records provide insight into past behavior behind the wheel, indicating future risk potential. Each of these factors is integral to calculating a fair and appropriate insurance premium based on the perceived risk involved.