Cheap Car Insurance 2020: What Factors Influence Car Insurance Rates The Most?
LOS ANGELES, CA / ACCESSWIRE / May 22, 2020 / Compare-autoinsurance.org (http://compare-autoinsurance.org/) is a top auto insurance brokerage website, providing car insurance quotes online from trustworthy agencies all over the United States. This website offers car insurance info about different coverage types and money-saving tips.
To determine the insurance premiums paid by a customer, insurance companies will have to analyze multiple factors. Some of these factors can be improved by the policyholders in order to obtain better insurance rates. However, some factors can't be changed by no one.
Some of the most important factors that determine car insurance premiums are:
Demographic factors. The driver's age, gender, and marital status can determine the insurance rates provided by the insurers. Unmarried persons are considered less responsible than persons who are married, and for this reason, they will pay higher insurance rates. Also, teen drivers and senior drivers who are 70 years old or older are considered to be high-risk by car insurance companies. For this reason, teen and senior drivers pay some of the highest insurance premiums.
Job and employment status. Insurance companies pay great attention to a policyholder's job. The distance from home and job type are carefully analyzed. Companies consider that people who have a certain job are more analytical and usually, get cheaper premiums. Employment status is also important, especially now, when millions lost their jobs, due to the COVID-19 pandemic. Jobless drivers are usually charged more because companies consider that they will spend more time driving in unfamiliar areas, looking for jobs, and are more exposed to accidents.
Car make and model. Not all cars are the same. If a vehicle lacks certain safety features such as additional airbags, ABS, lane departure warning systems and so on, then the policyholder will be required to pay more on insurance. Also, rare limited production vehicles are more expensive to insure since the parts and materials used in these vehicles are more expensive than the parts and materials used in standard cars. Also, rare vehicles are preferred by car thieves.
ZIP code. Insurers will analyze several factors about the place where a policyholder lives. Drivers who live in densely populated areas with higher rates of car theft and vandalism will pay more on the insurance premiums. A higher population means that they are more vehicles on the roads and that chances for a crash to happen are increased. Drivers who live in large urban areas will pay more on insurance than those who live in rural areas.
Vehicle's purpose Drivers who use their cars to commute to the workplace on long distances will pay higher premiums than those drivers who use their cars only for short weekend trips.
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"There are many factors that can determine the price of car insurance premiums. You will pay lower insurance premiums if you own a vehicle with a high safety rating and if you are driving fewer miles than the average drivers," said Russell Rabichev, Marketing Director of Internet Marketing Company.
SOURCE: Internet Marketing Company