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How Your Age Can Influence Your Chance Of Getting Cheap Car Insurance

Insurance companies rate categorize drivers when they calculate a monthly price premium. There are many factors that come with their assessment of risk which then reflects upon the price that they charge. Finding cheap car insurance can be difficult for those who fall into high risk categories. Perhaps the most frustrating is that your risk can have nothing to do with your actual driving capabilities. Your risk is calculated mostly by the factors that are out of your control. Learning what factors affect your monthly costs can help you to minimize how much you pay out of your pocket.

The price that you pay for your insurance premiums is calculated by a formula that is being used by every car insurance companies. When you receive a quote, it is based upon the information that you supply the company. When you answer questions about where you live, your age, or your gender, that information goes into the overall profile of you as a driver. Some risk factors you can’t do anything about or change while there are others that you can significantly change.

AutoInsuraceYour age has a significant effect on the price of your car insurance. If you are under the age of 25, you will pay the highest premium of any other age group. Individuals in the age group 25 and under are considered the highest risk group. Once you pass the age of 25, your insurance cost will change and continue to decrease in incremental value until you reach the age of 40. People over 40 pay the lowest amount in comparison to other ages. They are in the lowest risk category. Individuals ages 50-65 statistically have the safest driving records.

Your gender also has a significant effect on your insurance rates. Men have a higher risk than women and that weighs on your insurance premium cost. Therefore, men under the age of 25 are in the highest risk category and insurance will cost them the most of any age group. It also matters where you live. The location where you live has a bearing on the amount you will pay for your driving insurance. More mountainous range driving or those located in populated cities will pay more than rural flat areas. There is a risk that is associated with the location that you live that figures into the total risk assessment.

People who are married will pay less than people who are single. It is a fact that those who are younger are less likely to be married as well, only further driving up the cost in that age group. Other things like how far you have to drive to work and your occupation are also factored into your risk assessment. Although it may seem like an unfair way to assess you as a person, there really is no way of beating those categories. There are things that you can do, however, to offset being in a higher risk group.

The type and model of the car you drive has a significant bearing on the price you will pay. Choosing a car that is deemed “less risky” will save you money monthly. When choosing the car that you drive, keeping that in mind on which car can save you substantially. Choosing a less expensive and older car is cheaper to insure than a new one or one with lots of options and upgrades. In general, the less expensive it would be to fix, the less expensive it is to drive. Having more than one car on your policy will also affect your risk. If you insure only one car, it will be far less than adding an additional vehicle regardless of the type of car added.

Your credit rating is taken into account when formulating your inexpensive car insurance premium. Insurance companies view a poor credit rating as a sign that you are less responsible and therefore, more risky. Being careful to maintain a higher credit rating is important for many reasons but add to that how much you will pay in insurance each month.

Perhaps one of the most significant factors for your risk assessment and the overall cost you will pay per month is your driving record and any violations that you may have. Check if you have several moving violations or accidents on your driving record that will make the price of your premium increase substantially. A moving violation can consist of many things such as any tickets you incur, a DUI or DWI, reckless driving, or many other citations. If there are any accident claims on your record, they weigh heavily on your overall risk as well.

It goes without saying that safer drivers will pay cheap auto insurance rates, while those who have a driving record that indicates they are a greater risk, will end up paying more. Being mindful to change and control the things that will affect your insurance can help you lower your monthly costs. Time is the best tool that you have. How moving violations and accident claims affect your record will lessen with time, as factors such as age. If you need the savings now, that may not be very helpful.

There are things that you can do to lower your cost. Increasing your deductible will drive your monthly costs down and also paying options like “pay as you drive”. The consequences for making these small changes may be worth your while in the savings per month. Above all, make sure to compare shop around for the best rates. It is possible to simply input your zip code at the top of this page and within minutes, receive comparison quotes from many companies at the same time. It will give you the advantage of looking around to many sites on your own. What are you waiting for? Shop today and start saving money immediately. Comparing insurance company’s quotes is the best way to make sure you are getting less costly car insurance.