Auto Insurance: What Determines the Price of my Car Insurance Policy?
You keep careful track of your hard-earned money. It is only natural when you’re paying your bills, you want to know exactly what determines the price of your auto insurance.
According the Insurance Information Institute, the average yearly auto policy is about $900. There are a myriad of factors that auto insurance is dependent on, and not all of them may be covered. But here are a few:
What Determines the Price of my Car Insurance – Your driving record. It’s a simple rule. The better your record, the lower your premium. If you have been involved in several accidents or severe traffic violations, it is likely you will pay more than if you have a clean driving record.
What Determines the Price of my Car Insurance – Type & amount of coverage. There are minimum requirements of how much liability insurance car owners must buy. However, many opt to buy more comprehensive coverage, which will increase the price as well.
What Determines the Price of my Car Insurance – Where you live & park your car. Usually not much thought is given to this one. However, where you live could affect the price of your Connecticut auto insurance. Drivers in urban areas, for example, could pay a higher auto insurance price due to higher rates of vandalism, theft, and accidents than a driver in a rural area.
What Determines the Price of my Car Insurance – Your age. Older, mature drivers with years of experience tend to have fewer accidents than younger drivers, especially teenagers. Typically drivers under 25 years old may pay a higher premium.
What Determines the Price of my Car Insurance – Your gender. Women tend to be cheaper on the Connecticut car insurance rates than males. As a whole, women get into fewer accidents, have fewer driver-under-the-influence accidents, and also get into less serious accidents than men.
What Determines the Price of my Car Insurance – The car you drive. Certain cars cost more to insure than others. It depends on a variety of factors The likelihood of theft, cost of the car, repair costs, and a vehicle’s safety record all can impact
What Determines the Price of my Car Insurance – Your credit. Credit-based insurance scores are based on info such as payment history, bankruptcies, outstanding debt, length of credit history, and collections all can affect the price of your Connecticut auto insurance policy.
These factors vary widely, depending your your needs and coverage plans. For more information, please contact the Byrnes Agency.
The Byrnes Agency provides individuals throughout Connecticut with Woodstock Auto insurance, Norwich auto insurance and Dayville Auto Insurance plans to protect against unforeseen damages and injuries. With access to dozens of insurers, we can obtain the most affordable rates for the coverages you need. Contact us today for more information about our Connecticut Auto Insurance programs.