3 factors you may not know that affect car insurance rates
Have you ever wondered what determines the rate of your car insurance? Here is a list of contributing factors, as well as some bite-sized tips on how you can save on it.
Age
Age is often linked to experience. Hence, it is not unusual for insurers to offer a higher car insurance rate to young drivers who recently got their licenses as compared to older drivers who have been driving for many years.
Tip: If you’re a young driver, consider getting a second-hand car instead of purchasing a new one. That way, if anything happens, any subsequent costs are likely to be less expensive.
Vehicle type
Some insurers develop their own vehicle safety rankings by using data from customers’ claims and analysing industry safety reports. Flashy and expensive cars are often deemed more susceptible to damage and theft, leading to higher insurance rates.
Tip: Before purchasing a car, do some background research to find out whether it has strong safety ratings by checking with your insurance agent.
Driving history
If you have a history of getting into driving accidents, you will likely have to pay a higher rate of car insurance due to perceived bad driving habits. On the flip side, a clean driving record could be useful for getting a discount.
Tip: Develop safe driving habits such as braking, cornering, and accelerating with care. This would greatly reduce the likelihood of getting into accidents. In addition, it is always good to check in with your agent a year after purchasing your car insurance, especially if your record is unblemished. Chances are, you could be in line for a discount.
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