In our last
post, we looked at a handful of factors that affect your auto
insurance rates, in order to understand how those effects take place.
Today, we'll continue our examination by looking at a few more
factors:
Your
credit: This one comes as a surprise to many people,
because it's hard to see, at first glance, how credit history could
affect your driving behaviours. Nevertheless, the research indicates
that there is definitely a correlation between poor credit history,
and a propensity for accidents (even if the relationship between the
two is a debated matter). This means that an individual with bad
credit may be paying anywhere from 20% to 50% more on their insurance
premiums than someone with a good credit history.
Your
driving history: On the whole the past is generally a
very good indicator of the future. Drivers with a high-risk history
are likely to have a high-risk future, and their auto insurance
premiums are higher accordingly. Specifically, factors like past
collisions you have been involved in, as well as tickets you have
received for various infractions, will determine just how much more
of a risk you carry than the average driver.
The
car you drive: Yes, the make, model, and year of your
vehicle affect your rates. This is definitely something to take into
consideration when purchasing an automobile. The auto insurance
industry relies on research that analyzes every available vehicle on
the market in areas such as: purchasing price, safety, rate of
accidents, and so forth. The higher a specific vehicle scores in
safety ratings (and the lower its rate of accidents) the lower the
insurance premium will be for that car. Conversely, the higher the
purchasing cost of the vehicle (which will subsequently result in it
costing more to repair), the higher the insurance premium will be for
that vehicle.
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