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Auto Insurance Factors That Determine Your Insurance Premiums

Auto Insurance Factors That Determine Your Insurance Premiums

Insurance Premiums
Have you ever wondered what actually goes into your auto insurance premium?  Probably not if you are busy like most people, it’s just one of those costs that you are told you have to pay and you go with it.  But, there are some really interesting factors that go into your insurance premium and that is one of the major reasons you should be checking around to compare insurance quotes.  Let’s face it the insurance industry is very competitive and there is money to be saved, so if given the chance to save money are you really going to say no?

Factors to consider when comparing insurance premiums

  1. Low Risk – If you purchase a low risk vehicle then our premium will most likely be lower.  Low risk takes several factors into consideration including the cost, safety and how likely that vehicle is to get stolen.
  2. Occupation – Do you believe that your occupation can determine how much money you are paying for Insurance?   Well you better believe it, because being an engineer or a teacher can save you money on your insurance.
  3. Correct Information – That’s right make sure you list the correct mileage, and put down the correct information when it comes to how many doors your car has.  Also don’t forget to put down the correct model, this can be a big one.  Each of these little factors can make a big difference on the cost of your insurance premium.
  4. Groups and Organizations – Be sure to ask your work if they offer a group rate and ask your insurance agent if they offer discounts for organizations such as AAA, it could save you money.
  5. Multi-Policy Discount – This is a little more known than some of the other factors previously discussed.  Remember to always insure your home and car with the same company to receive discounts.
  6. Credit Score – That’s right your credit score can affect your premium, so make sure your bills are paid and you take a look at your credit report at least once a year to make sure everything looks good.  A lower score tells the insurance company that you are more likely to file a claim.

For all of you that have believed over the years that the color of your car is a determining factor in the price of your insurance.  Sorry to tell you, or happy to tell you that is false.  The color of your car can be an indicator of personality type and driving habits, however this does not affect the cost of your insurance premium.  Hopefully, the next time you are looking for car insurance you take these factors into consideration.

 

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