With the challenging economy more and more people are trying to cut expenses out of their budget. Many look to their auto insurance as a way to save a few bucks. In order to cut your car insurance expense you need to know what factor determine those rates.
Here are a few factors that determine your car insurance premium:
Your Age – Your age affects how much you pay in auto insurance. People under 25 will pay more than people over 25 because they tend to get into more accidents. They are more expensive to insure because of it. With all else equal, motorists in their 50′s and 60′s pay less in insurance because they get in fewer accidents than other age ranges.
Your gender no longer plays a huge role in rates. More and more women are driving then in the past and they are just as big of a risk as men.
Are you single? If so and with all else equal, your car insurance is probably going to be more expensive than your married counterpart. Married people tend to have fewer accidents so naturally insurance companies don’t need to charge them as much.
Geographical Location – The city and state you live in is an important factor in determining your auto insurance premiums. Rural areas tend to be less expensive than a dense city location because there are fewer cars and less of a chance of getting into an accident. There is also probably a smaller chance of vandalism or theft in a more rural setting.
Driving Record – Are you a good driver? If your driving record is clean then you will get a discount on your rates. If you were an insurance company who would you rather insure? A person with 4 speeding tickets and three auto accidents or someone who has never received a speeding ticket or been in an accident? If you want to enjoy lower rates then drive more carefully and maintain a clean record.
What kind of car do you drive? This will affect your insurance rates. Variables such as price, make, model, year, safety devices and mileage can increase or decrease your rates. Common sense will tell you that insuring a brand new corvette is going to cost more than insuring a 20 year Ford Mustang.
Locating Cheaper Car Insurance:
Before you buy or renew your current car insurance policy do yourself a favor and shop around. You might find that all carriers do not charge you the same rates. In fact, sometimes there is a large difference. You can shop by searching on the internet, calling the 800 line of the national carriers or contacting your local insurance agent.
What is great about the internet is how you can comparison shop between insurance carriers quickly. You can get quotes from various companies so you can compare policies and rates easily.
If you work better off of a personal relationship then contact your local insurance agent. They live in the same town as you and can give advice on the best auto policies. You might find it better to work with someone locally than a person on the other end of an 800 number. Also, if you ever have to file an insurance claim you might be better off dealing with a local insurance agent.
Slade Tanner – Car Insurance in Tampa, Florida
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