You may not realize it, but your garaging address can play a big part in your insurance rates. The garaging address is the address where your vehicle is primarily parked and stored. Roadway Insurance, a provider of MAIF car insurance, provides information about why this address is crucial.
Different Rates for Different Environments
Depending on where you live, you can have higher rates. You’re more likely to get into an accident or experience other issues if you’re in a more populated area. Therefore, you’ll pay higher rates if your car is stored inside city or town limits as opposed to in a suburb or more rural setting.
An urban area has more people and cars, therefore more crashes and instances of vandalism or theft. There’s more of a chance that someone living in the city is going to file a claim compared to those in less busy areas. Insurance companies try to get ahead on that and make sure they have the money if you have to make a claim.
Lastly, the demographics of the area are also taken into consideration. If the average age of drivers in your area is younger, rates may be a little higher as they’re riskier drivers. If there’s a larger number of collisions recorded in your area compared to nearby towns, rates may be higher due to that aspect as well.
Structure Vs. Street Parking
There’s also a big difference in rates in the terms of the structure or lack thereof to store your car. If you have street parking at your residence, it’s more vulnerable to things like vandalism, theft, or accidental damage from other drivers. If your building has a parking lot that’s specifically for residents, you may get lower rates.
If you have a garage, the type of garage matters as well. The most ideal type is a private garage that’s attached to your residence. This is the most difficult area for exterior factors to damage your car. Even if your garage is detached, but still on your property, it’s still an ideal situation. A garage that’s shared and nearby is still a better situation than your car being out in the open.