3 Factors That Affect Your Car Insurance Costs

Various factors will affect your car's insurance costs. The more you are on the road, the higher your annual mileage, increasing your costs. A bad credit score will negatively impact your insurance premiums, as it indicates a lack of discipline. Also, married people will pay less for insurance than single ones, as statistics reveal that married drivers cause fewer road accidents.

Apart from the above factors, here are other issues that will affect your insurance costs.

Age

Age is a primary factor insurance companies consider when determining your car's insurance quote. Younger drivers between the age of 16 and 19 will incur higher insurance costs as they are inexperienced. Also, young drivers are likely to engage in risky behaviors like alcohol abuse, over-speeding, not using seat belts, and texting while driving. Therefore, teenagers are susceptible to getting into car accidents. 

The insurance rates significantly drop from age 19 to 50 as drivers gain experience on the road. However, the rates will start to increase from age 60. Older drivers are prone to age-related changes in vision, physical fitness, attention, and ability to react on time while driving. As a result, seniors are at a higher risk of causing an accident.

Car Make and Model

Before buying a car, you should compare a few insurance quotes for different makes and models. Expensive cars such as high-end brands like Mercedes cost more to repair and replace, attracting higher insurance premiums. Also, some brands are stolen more often than others. For example, statistics show some of the most stolen cars in the country include Ford pickup trucks, Honda Civic, and Toyota Corollas. These vehicles will cost more to insure due to the high theft risk.

Your car's engine size or horsepower will affect your insurance premiums. Automobiles with bigger engines can achieve faster speeds than vehicles with smaller engines. Therefore, you are likely to overspeed when driving a fast car, increasing accidents risks. Your insurance company will mitigate this risk by charging higher rates.

Traffic Violations

Traffic violations will raise your insurance rates depending on the severity of the offense. For instance, texting while driving is generally considered a minor traffic violation, so it will have less impact on your policy. However, a DUI conviction will adversely affect your coverage costs, making you a high-risk driver. Moreover, out-of-state tickets can drive up your insurance liabilities. You should pay the fine if you find yourself in such a situation; otherwise, you will be arrested the next time you pass that state.

For more information on auto insurance, contact a professional near you.


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