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Wednesday, March 18, 2015

Tips on Car Insurance Premiums

There are a few well-know factors that a car insurance company will take into consideration for the cost of insurance premiums. When purchasing car insurance, you should ask your agent about all of these possible factors and look for every discount available.

Age: Younger drivers often have higher premiums because they are inexperienced and therefore deemed at higher risk of a car wreck. One way to counteract a higher premium for being young is to ask about a good student discount, which discounts premiums if you are a student earning good grades, or ask about a discount for a student away at college without a car.

Bundling: Some major insurance companies, such as Allstate and State Farm, are known for offering “bundling” discounts. If you bundle a car, homeowner’s, renter’s or boat policy with the same company, then you can often get a discount.

Car Make and Model: Insurance premiums differ by a car’s make and model. Insurance companies compile statistics on which types of cars are more frequently in accidents, which types of cars are most frequently stolen, and which types of cars tend to have the most mechanical issues and consider those factors when setting up a policy. If you drive a car that falls into those categories, then you will likely have a higher premium.

Credit Score: People with better credit scores often receive lower premiums. Learn how to improve your credit score to help you get better car insurance rates.

Driving Record: A clean, accident-free driving record is helpful in receiving a lower premium because you are deemed at lower risk of an auto accident. Conversely, if your driving record has accidents that you have caused, speeding tickets, or DUI’s, you will probably have a higher premium because the insurance company will consider you to be a higher risk. You may be able to expunge your record.

Location: Where you live is a major factor that insurance companies will use in setting your premium. Living in areas that are densely populated or are prone to bad weather will often cause drivers to have higher insurance premiums. Insurance companies will also consider how close you are to the nearest hospital and the average mechanic/body shop repair costs in the area.

Given all of these factors, the best way to ensure lower rates is to maintain a good driving safety record and shop around for the best prices. If you have questions about car insurance, call auto wreck lawyer Flora Templeton Stuart at (888) 782-9090. We have offices in Warren and Barren Counties, but we travel throughout Kentucky and Tennessee to meet with our injured clients.

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