What,Factors,Determines,Your,A business, insurance What Factors Determines Your Automobile Insurance Rates?
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It just makes good sense for you to carry at least liability coverage so if something happens you aren''t left holding the bad. I was recently talking to an insurance agent asking about how much car insurance would cost for my teens. There are many different factors that determine what your insurance premiums will cost.First and probably most crucial is you''re driving record. If you''ve been involved in your share of accidents, received numerous speeding tickets or had DUI or Leaving The Scene violations your insurance is going to be much more expensive. I remember getting my first 10 year accident free discount and it was a substantial drop in my premiums.The second factor determining rates is your age. A 17 year old male getting behind the wheel is, statistically speaking, a ticking time bomb. Therefore you are bound to pay much higher rates in your youth than you will at age 40 or 50. In most cases, you won''t see your first age related discount until you hit age 25, after that there may be a couple smaller discounts as you get a bit older. As you age (up to a point) statistically you will become a safer driver and have fewer claims, that''s why premiums are reduced for mature drivers.The third criteria is the type of car are you driving. If your insurance company is going to have to pay to fix an expensive car or one prone to more accidents or thefts, then the premiums will be higher as well. If you have an expensive car or one that tends to have higher theft or accident claims, then it makes sense that it would be higher to insure. Over the past 15 years there have been many safety advances that have lead to lower death rates, but those safety features can also increase the cost of repairs. The complexity of today's vehicles have increased the cost of repairs as well as the overall cost of the vehicles, so these factors put upward pressure on full coverage premiums.Insurance rates are a combination of liability costs, repair costs and how much of a risk you are based on your track record. Insurers will look at many other factors as well, but these 3 items will be the biggest factors in determining the rates you will pay. One other item that you will want to consider is getting a copy of your 3 free credit reports that the government guarantees you each year. Credit reports have become a major tool for insurers to use for accessing risk, so make certain your reports are accurate.
What,Factors,Determines,Your,A