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Car Insurance: Factors that Affect Your Car Insurance Rates
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- When it comes to auto insurance
rates, who you are determines what you pay.
Automobile insurance premiums are based on a large number of factors,
some of which you can control, and some of which, alas, are
incontrovertible facts of life. Statistically, a sixteen-year old boy
with a 300 horsepower sports car in a big city is far more likely to hit
something than a 35 year-old married guy driving a minivan around the
suburbs.
While you can’t change your age and some other factors, there are things
that you can do to keep insurance premiums as low as possible.
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- Factors you CAN’T change that impact
your auto insurance rates:
- • Your age
Dick Clark and Sophia Loren notwithstanding, aging is unavoidable. And while
you may be a mature-looking teen or a youthful octogenarian, the oldest and
the youngest drivers are far more likely to have accidents.
• Gender
Whether it’s the mothering instinct or fewer NASCAR fantasies, women
statistically make safer drivers.
• Marital Status
Ok, you can change this, but there have been no reports of people marrying
simply to lower their insurance rates.
- Factors you CAN change that impact
your auto insurance rates
- • Geography
Where you live matters. For instance, those living in rural America are far
less likely to have a collision or a stolen car than those living in a city.
But, sometimes even just moving across the street can change your rate.
• Driving violations
Speeding tickets, running red lights, failure to yield, etc. all count
toward your auto insurance rate.
• Your vehicle
If you must have that cherry red Corvette or the Ferrari Testarossa, be
prepared to pay for it. Your insurance premiums will be higher.
• Accident claims
While you can’t change the past, keeping your slate clean and free of
accidents will hold you in better stead than lots of fender
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