Auto Insurance Rates
7 reasons you might be paying more for auto insurance
No one likes to pay more for auto insurance than they have to, but you may be paying a higher premium than is necessary. Auto insurance premiums are rated by insurance companies based on several key criteria: the vehicle’s make and model, safety features, usage and driver information, including tickets and accidents. These criteria are known by most people, but there are other factors used in determining your auto insurance premium that you may be less familiar with.
If your car happens to be a model that does not perform well in crash safety studies, this can increase your insurance rate significantly. These vehicles are considered to be a safety risk to your insurance company. To avoid higher fees in insurance, check out which cars performed best in crash tests.
#2 You Have a Long Work Commute
For people who have a long route to and from work, your commute could be costing you more in auto insurance rates. In the eyes of the insurance company, the longer you are on the road each day, the more likely you are to be involved in an accident. It doesn’t mean you aren’t a safe driver, but you never know what you may encounter during your commute; hazardous weather conditions, road construction, traffic delays, reckless drivers, etc. If you can find a way to shorten your work commute or maybe even carpool a few days a week, you could end up saving on your premium.
#3 Your Car Is More Likely to be Stolen
If you drive a full-size Ford pickup, or a Honda Civic, your car could be target of car thieves. Your insurance company may factor in the likelihood of your getting stolen in its insurance quote. Instead of the whole vehicle, car thieves may also steal just parts of your car, especially if you drive a late-model vehicle.
#4 Your Vehicle Costs More to Repair
It makes sense that a vehicle that costs more to repair will also cost more to insure. Even if you have a fuel-efficient vehicle with all the safety features you could ask for, if your vehicle has expensive parts to service and replace, your insurance may go up if you add this type of vehicle to your policy. It may be worth it to look up the costs of ownership over time for your vehicle.
#5 Your Address
High crime neighborhoods and larger cities have higher accident rates, car thefts and incidents of car vandalism than more rural areas. This is part of the criteria taken into consideration when rating your insurance premium. The greater the number of auto accidents and car thefts in an area, the greater the exposure is to the insurance company. Many times, the rate of insurance will be based on where the car is stored or parked. Keeping your vehicle in a locked garage could help in some cases.
#6 You Have a Teenage Driver
While it is indeed an exciting–and sometimes scary–time for parents when a teenager gets their license and begins to drive, it is also a time when your pocketbook can take a huge hit. Adding a teenager driver to your policy can make your insurance premium go up hundreds of dollars.
#7 Your Driving Record
If you have tickets and at fault accidents, you are a higher risk for the insurance company and thus the rates will reflect this
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