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Car Insurance: Quote Consideration Factors

How do you know if you found the right car insurance company and are getting the best quote ?

Before you make a decision on which company to buy car insurance with, you should be aware of the factors the insurance companies consider when they give you a quote:

The Devil is in the details:

There are over 600 car insurance companies across the country. Factors including what you drive, how you drive, your credit score and where you live are all factored into your quote. Here are some of the biggest considerations:

  1. Your Age: If you’re still in your teens, bad news- you’re going to have the most expensive car insurance in every state. Once you have a few years of driving experience- premiums typically go down.
  2. Your Gender: Women tend to pay cheaper insurance rates versus men. The reason? Research has found that men are more likely to speed, not wear seatbelts, cause accidents and drive under the influence.
  3. Owning vs. Renting: Individuals who rent can pay as much as 40% more for their car insurance versus those who own their property.
  4. Your Marital Status: If you’re single, chances are good that your rates will be higher versus those that are married. Statistics show that married couples are involved in fewer car accidents versus those that are single.
  5. What you Drive: The make and model of your car 🚗 weigh heavily for insurance premium considerations. Different cars have different probability for theft, accidents and associated claims.
  6. Your Record: Your driving record is a big deal when it comes to insurance. Incidents of speeding, DUIs, and previous accidents are very important to the company that ends up insuring you. Small violations can lead to be increases in your insurance.

If you have moved recently, you should be aware of the cheapest and most expensive states for auto insurance:

Top 5 most expensive states for car insurance

  1. Michigan
  2. Florida
  3. Lousiana
  4. Rhode Island
  5. New Jersey

Top 5 least expensive states for car insurance

  1. South Dakota
  2. Wyoming
  3. Iowa
  4. Alaska
  5. North Dakota

 

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