“In order to determine accurate insurance premiums, car insurance providers will analyze multiple factors. The age of the driver and the type of vehicle can significantly influence the price of insurance premiums”, said Russell Rabichev, Marketing Director of Internet Marketing Company.
LOS ANGELES (PRWEB) September 07, 2020
In order to drive on the public roads of the US, drivers need to have car insurance. Many of them are curious and they wonder how their insurance rates are determined. Insurance companies will analyze multiple factors before offering an insurance deal to anyone.
The most important factors that can significantly influence the price of car insurance, are the following:
- Location. The zip code of any potential customer is very important for a car insurance provider. Insurers can use the zip code in order to find out more info about the crime rates (especially car thefts and vandalism), population density, climate, road conditions, unemployment level and how many claims are filled in the area where a future customer lives.
- The type of vehicle. Drivers who own expensive cars like limousines, exotic cars, or muscle cars will pay more on their insurance premiums. These types of vehicles are expensive to repair or replace. Drivers that want a cheap car to insure should focus their attention on an SUV or a family van. These cars are cheap to repair or replace, and they also have high safety ratings.
- Driving record. Drivers with clean driving records will pay less on their insurance premiums. On the other hand, drivers that have speeding tickets, at-fault accidents, or DUI accidents will pay more on car insurance. Depending on the severity of the incidents caused by a driver, his insurance company can decide to cancel his coverage.
- Gender and age. Male teenagers pay more on their insurance when compared to female teenagers. The statistics show that male teenagers are involved in car accidents more often. However, old male drivers will pay less on their premiums when compared to old female drivers.
- Marital status. Married people tend to have fewer accidents than single people. For this reason, married persons will pay less on their car insurance rates.
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