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What Specific Factors Go into Car Insurance?

There are several factors that play a part in how much your car insurance costs you.
If you’ve ever shopped around for car insurance, you may have seen these factors in action. Here are just a few of the specifics that go into determining your rate for your car insurance.

Age and Life Circumstances

Your age, gender, and your marital status all play a part in determining your degree of risk when it comes to your car insurance rates. It’s typical for car insurance companies to give you a discount once you’ve reached the age of 25. This is because your level of risk decreases due to you having more experience behind the wheel. You may also have noticed that you get another discount when you get married. Another common factor that affects your car insurance is your gender. Typically, males pay more for car insurance because they are considered riskier drivers.

Driving Record

Your driving record plays a huge part in the amount that you can expect to pay. This includes the number of accidents that you’ve been involved in, any traffic tickets that may be on your record, and any previous claims on your car insurance. The insurance company looks at these things because it determines the likelihood of you engaging in risky behaviors behind the wheel.

Vehicle Safety Rating

The safety rating of your vehicle is another factor that’s taken into consideration. A safer car could result in you having to pay less for your car insurance than you would have been with a car that didn’t have a good safety rating. For example, buying a new Subaru for sale can help you to reduce your rates to a more manageable level. This is because of the safety standards and reliability of the brand. Do some research before you make a purchase so that you can see how it will affect your rates.

Cost for Replacements

Another common factor that car insurance companies take into consideration is the cost for replacement parts if you were to be involved in an accident. For example, higher end cars tend to cost more to insure because replacement parts have a higher resale value. Adding in vehicles that are more likely to be stolen will dramatically increase the amount that you can expect to pay.

There are other factors that play a part in determining your car insurance rates. Start by reducing your degree of risk so that you can keep more money in your bank account.

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Tags: auto, driving, insurance, record

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