Pacman

The amount of your vehicle insurance premium is based on a lot of things that include the following:

Age
According to studies, drivers who are below 25 years old have higher risk of getting involved in a traffic accident. As a result, drivers below 25 years old would most probably have more costly vehicle insurance premiums.

Gender
Right now, female drivers have cheaper insurance rates than male drivers because they are considered safer drivers…sorry guys there is not much you can do about it.

Marital Status
Married people that have matching driving record to that of someone who is single would pay cheaper insurance premiums because they are deemed as more responsible drivers.

Geographical Location
Drivers who dwell in rural areas have cheaper annual premiums than drivers who dwell in the urban areas. Apparently, since there are more vehicles in larger cities, there is a greater chance of a road accident. An additional consideration is that in the urban areas, there is also a bigger rate on vehicle thefts in comparison to the rural areas.

Driving Record
Drivers who have speeding tickets or other traffic violations on their records, especially a driving under the influence or DUI citation have certainly increased insurance premiums as well. Insurance carriers take into account these violations and regard the driver as “high risk,” thus having higher annual premiums.

Type of Vehicle
If the automobile that you drive is expensive, it’s likely to have parts that are also expensive to repair or replace. Consequently, your annual rates will also cost more.

Credit Score
This may come as a surprise to a number of people but your credit score affects your rates as well. This can be a basis on how responsible you will be in paying your premium. Also, drivers who have bad credit scores tend to file more claims than those who have good credit scores.

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This entry was posted on Tuesday, June 23rd, 2009 at 1:38 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.