If you’re feeling the auto insurance rate blues, you’re not alone. While a lot of plans are reasonably priced and can even save you money over their competitors, there are several factors that can and will affect your overall rate.
Age
Statistics say that if you’re a driver under the age of 25, your more likely to be involved in an accident than those who are older.
Marital Status
Yes, being married will actually lower your insurance rate. Singles pay more regardless of the driving record.
Gender
Though the stereotype seems to say otherwise, statistics say that women are better drivers, therefore they get a lower rate.
Your Car
You’re going to pay a whole lot less for insurance on a family sedan than you will on sports car or exotic showpiece. The age of your car, the make, model, body style, and engine will all make a difference as well. Oh, and no, the color of your car makes no difference. You’re not going to pay any more for cherry red than you would silver.
Your Driving Record
A good driving record will save you money. A few speed bumps or a seriously flawed record will find you with a higher rate. The good news is that over time, as the record improves, your rate will come down.
Your Credit Score
Believe it or not, your credit rating will affect the car insurance rate you are offered. Like a loan or credit card, insurance companies view those with low credit scores as high risk. Therefore, you must pay a higher premium.
Occupation
For some reason, there seems to be a correlation between one’s occupation and the driving risk they present. People in certain occupations will pay more than others.
Your Level of Education
That college degree might pay off in more ways than you thought. Those with higher education might find themselves with an auto insurance discount.
Multiple Cars/Drivers
This is another great opportunity for a discount.
There are other factors that might also make a difference in the rate you are paying for your car insurance. Your location can make a difference. Lower traffic areas and less vehicle thefts in the same area might find you paying less where those who live in areas with more congestion and a higher rate of theft will often pay more. The number of years you have been driving, the distance your drive every day (mainly to and from your job) and the number of miles you put on your car every year can also have some impact.
When shopping for insurance, keep these things in mind when you see your rate quote. Try to shop around for the best rate and take advantage of the discounts you are able to get. You must have insurance in order for your car to legally be operated 9on the road, but you don’t want to go broke trying to keep it. Look for the discounts and try to get any factors you can change under control to ensure a better rate.
