Monday, 30 September 2013

How Car Insurance Calgary Companies Figure Out Your Insurance Premium - A Brief Overview

First and foremost, it is very important to understand what factors car insurance companies in Calgary consider when they price their policies. They use factors such as the type of car you own, where you live, your gender and age. While there isn’t much that you can do about your gender, age or where you live, there are a number of things that may be contributing to the high cost of your car insurance.

1. You own an expensive car
Cheap cars usually attract cheap car insurance in Calgary because the most your insurer will pay out is determined by the value of your car. Therefore the more expensive your car is, the higher the cost of your insurance premium.

2. Your car is more attractive to thieves
Without a doubt, there are some cars that are much more likely to be stolen than others. The insurance Bureau of Canada states that high end cars are the most targeted by criminal organizations. Insurance companies consider such cars a high risk and so they cost more to insure.

3. You have customized your car
Generally, if you have made any aesthetic or performance changes to your car, the cost of your insurance cover automatically increases. Some changes are considered low risk such as alloy wheels and tinted windows. However if you have made engine changes, for example, the likelihood of your car causing an accident is increased.

4. You have an imported or unique car
Car insurance in Calgary will cost more if you have a unique car or if it is imported. If you have a unique car, finding its spare parts may prove to be very difficult. On the other hand, if you have an imported car, the cost of repair could be expensive.

These are just some of the factors that contribute to the high cost you are paying for your car insurance. Fortunately, you can avoid paying too much for car insurance by shopping and comparing quotes online. This way, you can compare quotes from different car insurance Calgary companies and choose the one that suits you best.


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