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Top 10 Factors Affecting Your Car Insurance Premium
Posted By Ron On January 13, 2012 @ 8:45 AM In Insurance,Saving Money | Comments Disabled
The NTSB  (National Transportation Safety Board) estimates your lifetime chances of being in an automobile accident at one in four – 25 percent. Car insurance  isn’t something you want to “cheap out” but with other items skyrocketing in price , your auto insurance should be a prime candidate for re-evaluation.
Auto insurance isn’t an option. It’s the law, so what are the factors that affect your premium amount and how can you and I get the coverage we need at a better price?
Depending on your driving habits, you will need different coverage amounts. Someone who logs a lot of miles on a new car will require different coverage than someone who drives an old beater to town every 14 days.
The higher your deductible (industry talk for the amount you have to pay before they kick in anything) the lower your premium. Get a higher deductible and save for it in your emergency fund .
Old people rule! Sorry. Those with a few gray hairs around the edges generally take fewer risks, drive a bit slower, and have better developed reflexes to deal with changing road conditions.
Old women rule even more. Same reasons, just more intense.
Make that married old women rule! The actuaries who calculate all these things have discovered that married people are better drivers.
Safety pays when it comes to your car insurance  premium. This is a no-brainer … or should be.
If your son has had 5 wrecks before the age of 17, he will cause your car insurance  premium to jump. You’ll have to specifically exclude him on your auto insurance and not allow him to drive your vehicle until his exclusion is waived.
Some places are better than others … like it or not, your new Honda is more likely to be stolen or damaged in certain zip codes than others.
A Mercedes, BMW, or Porsche will always command a higher premium since they’re more expensive to repair. Also, look out for vehicles that are tops on auto thieves’ lists.
There’s a legitimate fear that you people with a low credit score  may crash a vehicle to get the insurance money.
Always, always, always ask for discounts. Car insurance  agents may not point them out and even those that will may not know that you’re eligible for a specific discount unless you mention things like:
You CAN save a bunch of money on your car insurance  but it will take a little work.
If you’re curious about whether you’re paying too much for your auto insurance coverage, head over to InsureMe.com  and get a free quote from highly reputable companies like State Farm, Travelers, the Hartford, AllState, Farmers, Liberty Mutual, Nationwide and American Family. It’s free to check whether your current agent is ripping you off!
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