Auto Insurance Rates
Auto Insurance Rates
Put simply, your auto insurance rate is the premium that you pay for car insurance. When an online car insurance company calculates your auto insurance rate, they factor in variables such as your car‘s make and model, the approximate distance that you will drive every year, as well as where you live. Each of these factors is a statistically based risk for a particular population of people and, the higher your statistical risk, the higher your auto insurance rate is likely to be.
What Factors Affect Auto Insurance Rates?
Online car insurance companies take into consideration dozens of factors when calculating your premium. The following are just a few details that your online car insurance will use to calculate your auto insurance rate:
- Gender – Statistically, women are safer drivers. However, this tendency is shifting as women are driving more and more.
- Age: Drivers who are over the age of 25 have less of a risk of being involved in an accident than those who are 24 and younger. However, drivers who are between 50-65 years old, statistically, have the safest driving records.
- Marital status – A single person will pay more than a married person with the same driving record.
- Purpose for driving the vehicle – For example, you are using the vehicle to commute, strictly for work-related travel, leisure, etc.
What Can I Do To Lower My Auto Insurance Rate?
Some of the factors that affect your auto insurance rate, such as age and gender, are factors that cannot be changed. However, there are some considerations that you can make when purchasing your vehicle, as well as life choices you can make, which can help to lower your auto insurance rate.
- Location: Your place of residence makes a difference in how much your online car insurance quote will be. Areas that have minimal traffic versus congested suburbs or cities tend to produce a lower auto insurance rate because they have less accidents and lower rate of automobile thefts.
- Driving Record: Keep your violations to a minimum. DWIs, speeding tickets, reckless driving and moving violations can make your auto insurance rate skyrocket. Some online car insurance companies will even inflict a penalty on our premium for as much as five years from the incident occurrence date.
- Make and Model: Oftentimes, a less expensive vehicle is also cheaper to insure.
- Credit: Your credit rating affects your auto insurance rate; a poor credit rating puts you in the category of a high-risk investment. Increase your rating – lower your auto insurance rates.
- Job: When you have a job that requires you to drive your vehicle long distances, your auto insurance rate will be higher because the statistical risk of you having an accident is higher.
- Schooling: More education is often a factor when calculating auto insurance rates – the higher the education, the less you pay on premiums.
- Number of years driving experience
- Distance Between Work and Home
- Multiple drivers
- Multiple automobiles
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