Even if you are not a spend thrift like myself, who watches where every penny goes, surely you would save money if it wouldn’t take you very long to do! Car insurance rates vary widely, and knowing what factors affect these rates will help you find the company that is right for you. Often, knowing which questions to ask will help your agent get you the best rate.
TYPE OF VEHICLE
So, maybe you aren’t in the market for a new car right now, but keep this in mind the next time around. If you are shopping for a new vehicle, make sure you factor insurance rates into the cost of the vehicle. Certain cars are considered “good” for insurance companies. This is what you want. “Bad” cars (which are the most appealing to buy) are sports cars, high horsepower, or ones that are expensive to repair. Larger vehicles, such as SUV’s, are more expensive to insure also, because they cause more damage in an accident. Insurance companies want low risk when insuring you and the higher the risk for a benefit being paid out, the higher the rates will be. Insurance companies use statistics to determine the risk factor for crashes, breakdowns, etc. So, if you can afford that little convertible’s loan, just make sure you can keep it insured before you take it home.
DRIVING RECORD
This seems like a no-brainer, but so many people drive too fast or carelessly without giving a second thought to the insurance rate. In addition to a pricey ticket, your driving habits can eventually cost a lot of money to your pocketbook. Not just in tickets and insurance rates, but also in damages you may be responsible for. Traffic offenses stay on your driving record, and your insurance company may come back and pull it at anytime. Make sure to drive safe for all the right reasons.
WHICH COMPANY
Rates vary widely between companies. Some may offer discounts for programs you are in, such as military or student discounts. Others will benefit you if you are a senior driver, or have multi-car insurance or if you hold other policies with that company. This is a factor in which you have control. Ask what kind of discounts you qualify for. Shop around. Being online makes it easy to get quotes for many companies, and you can select your car insurance from one simple stop on a website.
While this is not an exhaustive list, these are major factors for what determines your car insurance, and are all things you can control. Other factors, such as age, gender, and where you park, are not things you can change to get rates lower, but by taking time to research different rates and companies, you can save a lot of money. Often you can save several hundred dollars a year! Now, with that in mind, start shopping. It only takes a little while to get your rates low.
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