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What Auto Insurance Rate Applies to You?
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Two years ago, Natalie fell behind on several credit card payments after losing her job and becoming unemployed for three months. Just recently, she was shocked upon learning that her auto insurance rates went higher. She swears that she has never filed a claim against her policy.
Lance is scared of making credits, so he pays his bills in cash before deadlines. Now, he is applying for a car insurance, but is appalled to learn that higher rates are applied to him.
Are the situations familiar to you, or are you having similar problems as Natalie and Lance?
We all know that purchasing car or auto insurances is a tedious process. Getting applicable insurance rates from insurance companies make the experience even more tiring. We may wonder, how do insurance providers determine what rates to impose on us?
Varying rates
You may be surprised at how auto insurance rates, even for a single coverage, differ considerably from one insurer to another. Here are some primary factors that could be cited for these variations:
o The insurance providers cost of selling policies-- Operating expenses by a company in conducting business practically vary from another insurance firm. Buying auto insurance policies from agents or brokers may cost more due to commissions compared to buying directly through the telephone, the Internet or office visits.
o Claims historyInsurance companies have unique claims experiences with the groups of people covered by their policies. Thus, rates charged to clients vary from one insurance firm to another.
o Points system--- The information you supply to an insurance company are fed to a company that assigns corresponding points, or adds or takes away money, depending on your data. For example, your age, the your car model and the way you use your car are assessed differently, and assigned points, by the insurer.
Your personal information
Ofcourse, auto insurance rates vary from one person to another, and it all depends on the information extracted from you during insurance applications. Giving out inaccurate information is not recommended, but at least you should know how the premiums imposed to you are influenced by your personal data and the situation you are or were involved in.
Surprisingly auto insurance rates applied to you can be dictated by your lifestyle, your age, and of course, needless to say, you car model. Let us expound.
Discounts on your premium can be attained by having little cardiovascular activities once in a while. Walk, take public transportation to your office or hang outs or carpool with you friends. Why do you need to do these when you have your car? It is because low mileage traveled by your car equates to low auto insurance premiums. It can be funny, but the more you drive, the more you pay too on car insurance contributions.
Drivers with clean records for driving also secure incentives in the form of lower auto insurance rates or significant discounts to premiums. It is because car insurance companies equate one speeding ticket you get in a year to a high probability that you will get car accidents, be it minor or destructive. So better change your driving habits and as much as possible, resist that urge to speed up you car.
Teenage drivers
Did you know that disclosing that you live with teen-aged drivers will send your car insurance premiums higher? Every member of your household can influence the rates you get in your insurance policy. Children or minors, who drive, in your family will jeopardize your application for a safe driver insurance plan. It is because insurers always assume that your kid will inevitably borrow your car keys without permission during the wee hours to party. Most of us have done that during our younger years.
However, if your teen-aged kids are good and diligent students who earn straight A or B in their semesters might earn you auto insurance discounts. So goes for kids who drive their own old-model cars. Out of pity, if your kids school is more than 100 miles away from your home and he or she does not drive, you might also earn huge premium discounts.
The car you drive
If you are driving an old-model car, it follows that you get lower car insurance rates. On the contrary, high-end and high-profile car models and luxury cars will earn you higher premiums. It is assumed that expensive and new cars lures more collision and accidents and that should reflect in car insurance premiums.
So before you contact your insurance provider, it would help if you assess your own personal information to determine what rates will be applied to you. At least, you will not be surprised when you pay your premiums.
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Letters to the Editor
Re “Car insurance: Your real ‘choice’ is to pay more” (Christina Blizzard, Aug. 27): My insurance quote for this year is up 27%. I have had no claims and have been claim- and ticket-free for 13 years. My coverage is now less due to the government’s plan of offering “choice.”
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