How Much Will You Pay For Car Insurance?
Its no news to someone looking to buy car insurance
, that there are a number of factors that affect your car insurance rates. However, you might not be entirely aware of the different kinds of risk factors underwriters take into consideration while assessing how much car insurance you should pay. Lets take a look at a few of these factors.Age and gender
Your age and gender play an important role in deciding your auto insurance rates. The National Association of Insurance Companies (NAIC) has observed that statistically, men are more prone to being involved in accidents than women. Similarly, young drivers up to the age of 25 are considered to be high-risk drivers. Typically, premium rates are lower for older women. Conversely, rates will be higher for younger male drivers.
Model and make of car
Insurance companies tend to charge higher premiums to cars that are classified as intermediate-performance, high-performance, sports vehicles and rear-engine models. Other considerations insurance companies make while deciding on your premiums are to the installation of security and anti-theft devices on your vehicle. Safety comes first and if an insurer sees that youre taking extra steps to ensure just that then theres a chance your premium rates will not be as high.
Mileage
Simply put, the fewer miles you put on your car, the lesser will you have to pay for insurance. If youre on the road less often, youre less likely to be involved in a car accident. This is why insurance providers offer low-mileage discounts or considerably lower premium rates to those who put in less mileage on their car.
Marital status
Auto insurers are of the opinion that married people tend to be more cautious and responsible while driving than single people. As it goes, married people get offered lower premium rates, while unmarried people generally tend to pay higher rates.
Credit score
It has been observed that people with good credit score tend to be prompt and timely with their payments as opposed to people with poor credit score. Poor credit score could result in higher premiums, while good credit score could result in lower premium rates.
Where you live
The city in which you live plays a big role in determining your premium costs. For instance, rates are bound to be higher in a place with higher accident rates, number of claims filed, theft and vandalism, flood and disaster prone areas etc. So dont be too surprised if your premium rates are slightly higher than you expected.
Car insurance might not be easy to fathom. Theres just so much to know! But theres always a start. And hopefully, this time around when you shop for good rates, youll know whats likely to affect your rates and be prepared.
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