What type of personal details could possibly affect the cost of auto insurance, a female asked us recently.
She was wondering if there is anything people can do in an effort to reduce their excessive rates.
We are more than happy to answer these essential questions.
While doing the research we pointed out that almost every information needed when calculating vehicle insurance rates is in some way personal.
So, here it is - 5 personal factors that are affecting the cost of your automobile insurance: 1) Your driving profile.
Such factors as the number of miles you drive annually and your incident and ticket record are major elements in setting your insurance rate.
The less you drive, the less risk of an accident and a claim.
When you are somebody who has never been in a car accident and never had any law violation - the insurance company is contemplating you as a "safer driver" who is less likely to file a claim.
2) Your beloved car.
A part of setting your vehicle insurance premiums take the price tag of your automobile and the cost to be fixed, if accident occur; as well as its overall safety - airbags, seatbelts,...
etc.
and what is the chance for someone to bargain your car, based on the Insurance Information Institute.
If you think about it all those things make sense.
The money necessary for repairing a Ford Fiesta will be way lower that the repairing cost for a brand new Ferrari California GT 2010.
The premium will reflect this.
3) Your age, work and your region - your most personal details.
Every one of these things factors into the process of setting your insurance rate because insurance firms base their premiums on actuarial information about drivers.
They are placing you into a group of people with similar statistics.
A teenage boy most probably will have a higher insurance rate than the usual middle-aged driver, because statistically, teenage boys have more car accidents than do 40-year-olds.
Your occupation can play a part if it affects how much driving you do.
If you are an outside sales man, or real estate agent, or courier, taxi driver, etc; most of these jobs can affect your premiums.
From the insurance company's point of view, the greater number of miles you drive means more chance of an crash.
Insurance companies also look at where you live.
Again, they look at the neighbourhood statistics - the cost of medical care and car service, a nearby trends of car crashes, how many car are already stolen there, as reported by the Insurance Information Institute.
4) The coverage you choose.
Be ready to pay more, if you choose a lower insurance deductible and extra coverage.
5) Your credit history.
Many insurance providers make use of one's credit score when setting its monthly premiums.
In 2010 seven US states have used credit information no matter law and regulations, that's way now this process is coming under attack and could soon vanish.
A few other American state legislatures released laws to regulate that same practice.
She was wondering if there is anything people can do in an effort to reduce their excessive rates.
We are more than happy to answer these essential questions.
While doing the research we pointed out that almost every information needed when calculating vehicle insurance rates is in some way personal.
So, here it is - 5 personal factors that are affecting the cost of your automobile insurance: 1) Your driving profile.
Such factors as the number of miles you drive annually and your incident and ticket record are major elements in setting your insurance rate.
The less you drive, the less risk of an accident and a claim.
When you are somebody who has never been in a car accident and never had any law violation - the insurance company is contemplating you as a "safer driver" who is less likely to file a claim.
2) Your beloved car.
A part of setting your vehicle insurance premiums take the price tag of your automobile and the cost to be fixed, if accident occur; as well as its overall safety - airbags, seatbelts,...
etc.
and what is the chance for someone to bargain your car, based on the Insurance Information Institute.
If you think about it all those things make sense.
The money necessary for repairing a Ford Fiesta will be way lower that the repairing cost for a brand new Ferrari California GT 2010.
The premium will reflect this.
3) Your age, work and your region - your most personal details.
Every one of these things factors into the process of setting your insurance rate because insurance firms base their premiums on actuarial information about drivers.
They are placing you into a group of people with similar statistics.
A teenage boy most probably will have a higher insurance rate than the usual middle-aged driver, because statistically, teenage boys have more car accidents than do 40-year-olds.
Your occupation can play a part if it affects how much driving you do.
If you are an outside sales man, or real estate agent, or courier, taxi driver, etc; most of these jobs can affect your premiums.
From the insurance company's point of view, the greater number of miles you drive means more chance of an crash.
Insurance companies also look at where you live.
Again, they look at the neighbourhood statistics - the cost of medical care and car service, a nearby trends of car crashes, how many car are already stolen there, as reported by the Insurance Information Institute.
4) The coverage you choose.
Be ready to pay more, if you choose a lower insurance deductible and extra coverage.
5) Your credit history.
Many insurance providers make use of one's credit score when setting its monthly premiums.
In 2010 seven US states have used credit information no matter law and regulations, that's way now this process is coming under attack and could soon vanish.
A few other American state legislatures released laws to regulate that same practice.
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