Car insurance has many different factors when considering what goes into a quote for car insurance. Insurers look for the type of coverage you are trying to obtain, where you live, and more. There are a few commonalities that are usually included in each quote. Here are a few:
Major Factors in the Cost of Car Insurance
Credit score is a huge factor in determining your rates. A credit-based insurance score works to predict the likelihood of whether you will file a claim and the cost. Working on improving your credit score by paying bills on time and lowering your debt to income ratio helps.
If you have any history of driving under the influence or a number of at-fault accidents, your car insurance may be high. These are instances where your driving record can severely impact your ability to get a reasonable rate.
Car insurance claims history
If you’ve been driving for a while and have a lengthy history of insurance claims, this will also affect the quote and rate you receive. Insurers take a more in-depth look into individuals who have excessive claims.
Type of vehicle
The type of car you drive plays a huge role. Depending on what type it is, it may fall on the likelihood of theft list. Other factors include the cost of repairs, engine size and the safety record of the car. Cars with higher horsepower and high values have higher insurance rates.
Where you live
The zip code and state in which you live play a role in your insurance rates. Insurers tend to research the accident history in areas based on zip code. Even if you are a very safe driver, your rate could be affected based on where you reside.
Age of driver
It’s no secret that younger drivers have higher rates, but did you know that young males are more expensive to insure? Factor in a young driver with a sportscar, and you’re looking at a rate that may be out of reach.
In most cases, Insurance companies offer a better rate for married couples. Bundling their car insurance with their home insurance is one of the reasons married couples receive a better rate.
Getting Your Money’s Worth with Awesome Insurance Consultants
Making sure you have a way to contact your insurance agent makes a difference. They will be able to give you pointers on the types of coverage you need while making recommendations to help you save money. You should be able to contact them via email, phone, or even a video call during this pandemic to help put your mind at ease.
Don’t make the mistake of attempting to get a policy without understanding the factors that go into creating your quote. The team at Awesome Insurance Consultants is ready to assist every step of the way.
If you’re searching for a qualified team that can provide comprehensive quotes to help you get the best quotes for vehicle insurance, contact our team today!