Car insurance can be great and wonderful, but at the same time it can be awful and terrible. Either way it goes, you can’t drive without it. So here comes the big question: about how much is car insurance?

Well, this type of insurance is based on a couple of things. They are your age, driving record, gender, marital status, credit history, vehicle type, occupation, and where you live. All of these facts determine your insurance quote.

Insurance quotes use statistics to determine all of the premiums that you will have to pay. Age is a big deal when it comes to insurance for your car. If you are 25 years of age or younger, your rates will probably be through the roof for a little while. This is because of the lack of driving experience. Drivers in this age range tend to have more accidents than any other age group. Drivers who are over the age of 65 could be in the same boat as new drivers. Although they are experienced drivers, as you age, the less aware you become of a lot of things around you. Your reaction time could also be delayed.

Insurance companies also take a look at your driving record. Of course the drivers that don’t have any accidents will pay a lot less for insurance than the driver who has a record of accidents. These days, insurance companies will forgive your first accident. This is known as accident forgiveness. That forgiveness is like your get out of jail free card. Once it’s gone, that’s it. If you continue to have accidents, your insurance premiums will definitely go up. If you have major violations such as driving under the influence, that’s more money you will have to pay. If this turns out to be a pattern on your driving record, the insurance company can drop you. If this happens, it would be very hard to get insured with another company.

Gender and marital status is on the menu next. This is where car insurance gets really interesting. According to statistics of all drivers over the years, married drivers seem to have lower premium rates than a driver that is single. Did you know that the average car insurance premium is lower for women than it is for men.

Credit history makes a lot of people cringe. A lot of insurance companies feel that drivers with bad credit are not as responsible as they should be or could be and are more likely to get in an accident. As far as vehicle type is concerned, the cheaper your car is, the cheaper it will be to insure. Where you live makes a big difference believe it or not. If you live in a place where crime is relatively high, you can bet your premium will be as well. Occupation is just common sense here. If you are a delivery person or have to drive a long distance to get to work every day, you are more likely to have an accident.

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Category: Finance/Insurance
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