Many people ask us what factors are considered when formulating an insurance quote. There are many factors that insurance companies look at to determine car insurance premiums including some that you can control, and others you can not. Knowing what insurance companies look at can help you make some changes that could lower your insurance premium. Roadway Insurance shares some insider tips about the factors you can and can not change to influence your insurance rate.
Factors You Can Not Control
- Your Age –Drivers under 25 are statistically more likely to be in an accident than drivers over the age of 25. This means drivers under 25 tend to have higher insurance premiums.Typically after 25 insurance rates will drop, and then drop again after the age of 30.
- Your Gender – Statistics show that men are more prone to getting into an accident and that women are typically safer drivers. Women usually have lower premiums than men.
- Your Marital Status– Married drivers are commonly offered lower premiums.
Factors You Can Control
- Your Address- Where you live can influence your insurance premium. People who live in cities have higher rates while those who live in lower traffic areas tend to have lower premiums.
- Your Driving Record – Traffic violations and accidents will raise your premium. Over time they will impact your insurance rates less.
- The Value of the car – Older, less expensive cars will have lower premiums.
- Your Education – The higher level of education you have, the lower your premium will be.
- Your Credit Score–People with poor credit may get higher insurance rates.
- Owning a home – People who own their own homes will often get a discount because homeowners are thought to be more responsible.
Other factors that may be considered are the distance you drive yearly, how far your commute is, and the purpose of use of your vehicle. Roadway Insurance offers competitive car insurance rates for all your automobile needs. Contact a Roadway representative today to find out what your premium ould be with Roadway Insurance.