You've probably figured out that the world of car insurance is - well, let's just say it's complex. When you apply for insurance, a company is going to look at many factors.
Type of Car: Generally, the more expensive the car, the more you pay for car insurance.
Location: Because of the higher frequency of issues like theft, accidents, and vandalism, urban drivers may pay more than those in rural areas.
How Much the Car is Driven: People who drive a lot or commute a long distance usually pay more than those who drive less.
Age, Sex, and Marital Status: Accident rates are generally higher for drivers under 25, especially men, which often means higher insurance prices. Married drivers may pay less.
Driving Record: Drivers with poor driving records usually pay more for insurance than people who have been accident-free for several years.
Coverages: Insurance policies consist of a variety of coverages . Generally, the more coverage you buy, the higher the cost.
Credit History: Certain credit information has been shown to be a very effective predictor of future insurance claims. Maintaining good credit may save you money on your car insurance.
Deductible: A deductible is the part of a loss that you've agreed to pay with your own money. Generally, the higher the deductible, the lower your premium.
How Can I Save Money? : There are several things you can do to save money on car insurance:
- Buy a cheaper car.
- Do your safety research. Insurers often increase premiums for cars that are a greater risk for damage or occupant injury.
- Ask about discounts.
- Drive less. Consider joining a car pool, or take alternate transportation when possible.
- Drive carefully..
- Consider Multi-line. Many insurers will offer discounts if you use them for multiple policies.
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