There are a number of key factors most auto insurance companies using to calculate overall rate you will pay for your auto insurance. Learning about what affects your rate can help you make right decisions and find out the ways to reduce your insurance premiums. Below are three main factors affecting the rate of auto insurance quotes:
1. Your vehicle-related factors
Safety rating, vehicle sizeand likelihood of theft will significantly affect your rate of auto insurancequotes.
– Safety ratings
Most insurers pay much attention to safety ratings of cars. Owning a car with a high safety rating means that you can get smaller premiums because you have a lesser chance to pay for your passenger’s medical bills or car repair.
– Vehicle size
Statistically, larger cars are generally safer than smaller cars in an accident. Therefore, many auto insurance carriers offer lower premiums for larger car with a high safety rating than smaller cars with the same rating.
– Likelihood of theft
Some auto insurance providers increase premiums for cars more susceptible to theft than the norm. Therefore, the more attractive your car is, the higher rate of auto insurance quotes you can get. But if your car is equipped a car alarm or other anti-theft devices, this can cut down the premium.
2. Personal factors
Your gender, age, marital status, geographical location, and credit score all can affect your insurance rates in different ways.
– Sex, age, and marital status
According to some statistics, accident rates seems higher for most of theyoung drivers (under age 25), especially young males and single males. This is the big disadvantage for them to negotiate low insurance rates.
– Kind of job
If you are students or military veterans, you might also be in line for a discount. Most insurers give discounts for students with good grades or for veterans as gratitude.
– Credit score
Many auto insurance companies take into account your credit score when determining your rate of auto insurance quotes. In general, lower scores mean higher insurance premiums and vice versa.
1. Your vehicle-related factors
Safety rating, vehicle sizeand likelihood of theft will significantly affect your rate of auto insurancequotes.
– Safety ratings
Most insurers pay much attention to safety ratings of cars. Owning a car with a high safety rating means that you can get smaller premiums because you have a lesser chance to pay for your passenger’s medical bills or car repair.
– Vehicle size
Statistically, larger cars are generally safer than smaller cars in an accident. Therefore, many auto insurance carriers offer lower premiums for larger car with a high safety rating than smaller cars with the same rating.
– Likelihood of theft
Some auto insurance providers increase premiums for cars more susceptible to theft than the norm. Therefore, the more attractive your car is, the higher rate of auto insurance quotes you can get. But if your car is equipped a car alarm or other anti-theft devices, this can cut down the premium.
2. Personal factors
Your gender, age, marital status, geographical location, and credit score all can affect your insurance rates in different ways.
– Sex, age, and marital status
According to some statistics, accident rates seems higher for most of theyoung drivers (under age 25), especially young males and single males. This is the big disadvantage for them to negotiate low insurance rates.
– Kind of job
If you are students or military veterans, you might also be in line for a discount. Most insurers give discounts for students with good grades or for veterans as gratitude.
– Credit score
Many auto insurance companies take into account your credit score when determining your rate of auto insurance quotes. In general, lower scores mean higher insurance premiums and vice versa.
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