The cost of auto insurance varies considerably from person to person. Some pay only a few dollars per month, while others pay thousands per year. Below are some of the key factors that affect car insurance rates.
5 Things That Impact the Cost of Auto Insurance
1. The Make, Model, and Year of Your Car
These aspects normally have the largest impact on your car insurance expenses. Newer, more expensive cars cost more to repair or replace, so your insurer charges you more each month for their increased risk.
2. Your Personal Characteristics
Auto insurance companies have found that married women over age 25 are less likely to file a claim than men, singles, or young drivers. Married women are the least expensive to insure, while young, while single males are the most expensive.
3. Your Credit Rating
There’s a correlation between responsible credit use and safe driving habits. If you have a sketchy credit history that includes late payments, charge-offs, or bankruptcy, you will pay more for auto insurance.
4. Your Driving History
If you have engaged in risky on-the-road behavior in the past, you are more likely to do so again. Therefore, you will pay a premium if you have a lot of violations, especially reckless driving or DUIs, or if you have been in one or more accidents in the past three years.
5. The Number of Miles You Drive Per Year
The more you drive, the more risk you face. If you drive a lot, you'll pay more for coverage. The area in which you live and drive also affects your rates. More traffic typically indicates greater risk.
For help designing an affordable auto insurance policy that meets your needs, contact Consolidated Agency in Rochester, NY. They’re an independent insurance agency that has served Monroe County clients since 1988. They specialize in auto, motorcycle, home, business, and liability insurance. Visit their website to read what their clients have to say about them or call (585) 467-4110 to request an auto insurance quote.