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Low Cost Auto Insurance

May 29, 2008  |  Difficulty: Easy

5 Factors Affecting Insurance Rates

If you ask around, you might find that your friends and family members have much different auto insurance rates than you and your family.  What are the factors that affect these rates?  Different companies use different computation factors to determine their rates

This is why it’s so important to do some homework before committing to a company.  Here are some of the factors you can use to get low cost auto insurance.

  1. Having a clean driving record - Have you gotten a traffic ticket or been in an accident?  It’s no surprise that these things will make an impact on your insurance rates.  If you get a speeding ticket, you’ll not only have to pay the one-time fine but also the long-term increase to your insurance rates.
  2. Adding additional drivers to the policy - How many drivers are in your family?  Your premium will increase if there are many people who may be driving the car.  Use careful consideration before adding someone to your insurance plan.
  3. The age and gender of the driver - Drivers under the age of 25 will likely have a higher rate due to lack of experience and higher risk rate.  Males also have higher rates because insurance companies have considered them to be higher risk than females.
  4. Your credit report history - Believe it or not, paying your bills on time will affect your insurance rate.  Maintaining a good credit history will help you receive the best possible rate.
  5. Anti-theft alarm - Having a vehicle with an alarm system will decrease the rate given by your insurance company.

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