“Various events and factors can increase the price of car insurance. Bad credit score and moving to a dangerous area are just a few from the many events that can affect the insurance premiums”, said Russell Rabichev, Marketing Director of Internet Marketing Company.
LOS ANGELES (PRWEB) September 02, 2020
Car insurance can get quite expensive and many drivers are wondering what reasons their premiums are so high. Car insurance rates can be affected by various events and factors.
The most common factors and events that can increase the price of insurance are the following:
- Customizing the insured vehicle. This is a common factor that can significantly affect the price of insurance. Before changing or adding parts to the vehicle, drivers should inform their insurers. Drivers who do not inform their insurers about the modifications they've done to their cars can get their policies voided. Car modifications like adding turbo-chargers, changing the engine, wheels, brake system, and even specialized paintwork will make car insurance rates go higher.
- Being caught with a DUI. Drivers who are caught driving while under the influence of alcohol or drugs, will be penalized depending on the state’s legislation with penalties that can be as low as a driving fine and points or they can receive harsher penalties like jail time. Drivers convicted for DUI will be placed in the high-risk category by the insurers and will have their insurance rates raised with 50%, and in some cases, the rates will be even doubled.
- Bad credit score. The credit score is an important factor that most insurers use to determine insurance rates. Insurers consider that drivers with a poor credit score are less responsible and they have higher chances for filing a claim. For these reasons, drivers with a poor credit score will pay more on insurance.
- Moving to a new area that is exposed to thefts or weather hazards. The location where a driver lives can affect insurance rates. Drivers who move to neighborhoods where car thefts are quite common will pay more on their premiums. The insurance rates will also increase for drivers that move in areas where severe weather events happen more frequently.
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