Moving? Expect your Premiums to Move Too!
A number of different factors affects your car insurance premiums. Some of these factors are fairly well known by most people, while others will come as somewhat of a shock.
Some of these factors are:
- The numbers of miles you drive
- Your car’s engine size
- The brand of car your driving
- Your age and gender
- Your marital status
What most people don’t realize that where you live influences the price of car insurance as well. If, for example many car thefts occur in your city or suburb, this can greatly impact on the cost of your premiums. Additionally an area that has a high incidence of car accidents will also have higher insurance rates.
Rural vs. Suburban living
Living in an urban setting or the suburbs may not make much of a difference. There may well be accident free areas in larger cities; however, it is generally the case that suburban areas can have a higher incident of car crashes. Some intersections can also have an unusual number of wrecks. On the other hand, moving to an area that has fewer accidents can cause your car insurance rates to decrease.
High risk areas
Not all insurance areas have the same number of claims in every area. While one company may have more of its drivers involved in accidents and file claims, another may not. Don’t be too surprised if your insurance rates increase when you move, even if you have not changed cars. Perhaps your current insurance company has had a larger number of claims in the area you are moving into. If you experience this, it might be time to obtain quotes from other insurance companies. It sometimes happens that a company that advertises that it saves customers a lot of money, is actually one of the most expensive in some areas.
Not happy? Shop around!
You really should look for a better deal if you find your car insurance is simply too expensive to maintain. There is quite a bit of competition in the car insurance market, and you will find it easy to obtain a quote from as many companies as you would like. It is worth it to take extra time if you want to save some money. For one thing, you might discover that you can get a more competitive rate from your current company.
This article contains general advice about car insurance. The author has not taken into account your financial situation or needs and you should consider whether the advice provided is appropriate for your own circumstances before relying on it.
Filed Under: Understanding Insurance
