Factors That Affect Car Insurance Rates – How To Get Cheap Auto Insurance Modest Money12 Comments

When you are in the market for and researching car insurance rates, it is so easy to go for cheap coverage or a high deductible when both are among the biggest factors affecting your premiums. What you may not realize is that you could be getting more comprehensive coverage and a better overall value by minimizing certain risk factors. Learn how car insurance companies calculate rates and present yourself as a low-risk policyholder to get the cheapest car insurance quotes.

Demographic Factors

In short, statistics show correlations between insurance rates and your gender, age, driving history, car make and model, address, marital status, mileage driven, and even credit score. Here is how each factor affects your premiums and the things you should know to find yourself the best car insurance.

1. Gender and Age. Statistics show that teenage boys or young men generally have more accidents and citations than their female counterparts. On the flip side, older men get slightly better rates than older women since historical data demonstrates older females experience more minor accidents as they age.

2. Marital Status. Generally, married couples are more responsible and family-oriented than single individuals. Therefore, in the eyes of car insurance companies, a…

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This entry was posted in Insurance, and tagged , , Modest Money12 Comments
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