WHAT DETERMINES INSURANCE RATES
Because no two drivers are the same,
Car insurance companies must look further into each individual’s risk factors to determine a more accurate cost for their products.
Things about you are weighed methodically by your insurer to determine how likely you are to file a claim.
After base rate premiums, costs are as unique as your are, which is why auto insurance comparison is so important.
Where You Live
Where you live and drive is the most heavily weighed for a majority of insurance companies because of things like population density, crime rates, and weather.
Your Driving Record
Things like previous accidents, speeding tickets, and DUIs are important to car insurance companies. A minor violation can increase your monthly bills by 20%.
Teen drivers have the most expensive car insurance premiums of any age, in every state. Luckily, insurance gets cheaper as you age and gain more experience on the road.
Men have more expensive insurance rates than women drivers for the same type of coverage because they are more likely to speed, cause accidents, not wear their seatbelts, own a sports vehicle, drive under the influence, and spend more time on the road.
Your vehicle make and model give car insurance companies details about your likelihood of accidents, thefts, and claims. It will also determine purchase price, average cost of repairs, and safety test results.
Your Marital Status
Married individuals often have cheaper car insurance rates because they are involved in less car accidents than drivers who are single, including those who are divorced or widowed.
Car insurance premiums are more expensive for individuals who rent their homes compared to those who own. Drivers who rent homes pay as much as 47% more for their car insurance coverage than their homeowner peers for the same coverage.