FL-Auto-Insurance.jpgAre you looking for ways to save on your auto insurance premiums so you can invest that savings elsewhere? If so, there are many things you need to consider when looking at your auto insurance policy and what impacts your auto insurance premium rates. Some of these things are controllable, like what kind of car you drive, whereas others are not, such as your gender (yes, that affects your premiums). Take a look at this list of items that affect your premiums so when you do make a decision to change your auto insurance policy, you can make the most informed decision possible for the most savings possible.

  1. Your driving record – This may come as no surprise to many. Most people realize accidents, speeding tickets, etc. are all things that have an immediate impact on your wallet as well as when it comes time to pay your insurance. This is (mostly) controllable. As much as you may want to get to home from work a few minutes faster, control the way you drive in a safe manner to avoid tickets, crashes and other things that may end up on your permanent driving record and increase your auto insurance premiums.
  2. Where you live and where the car is parked – This is controllable to a certain extent. Short of completely reinvesting in a new house/neighborhood and getting a new job where your car is parked during the days, this is fairly set but not the biggest factor in your premium rate. More densely populated areas have higher chances of theft, accidents, and injuries due to collisions and therefore have higher premiums than those in rural areas.
  3. Your age and gender – Teenage boys and young men have higher rates than those of women and teenage girls, statistically. However, older men have better rates than older women. Overall, the rate differences between older men and women are less drastic than those of teenagers and young adults. Women, overall, generally pay less for auto insurance than men, but in the end, driving history has a larger influence on your rates than gender and age.
  4. Marital status – Married people tend to be in fewer accidents than their single counterparts. Further, premiums can drop drastically for males once they get married, especially those with a clean driving record.
  5. How much you drive – Pretty simple. If you drive more, than you are more susceptible to be in accidents, collisions, and get tickets. Therefore, you are more likely to have a higher rate than those who drive primarily for leisure.
  6. Credit history – Surprisingly your credit history can impact auto insurance premiums, too. The reason is ]credit scores are a good indicator for the liklihood of a person filing an auto insurance claim as well as the cost of that claim. Having a good credit history (on-time payment history) impacts auto insurance premiums positively and a poor credit history impacts it negatively.
  7. Your coverage and deductibles – Most states require a minimum amount of coverage. Additional coverages and the deductible amounts for your coverage play a large part in your monthly premiums. A higher deductible means lower monthly payments whereas more coverage brings that monthly payment back up, but gives you a wider range of coverage. Find that happy medium for your budget to get the most coverage without impacting your monthly insurance premium.
  8. What you drive – Vehicle safety ratings and statistics on the cars that are most susceptible to theft, damage, or occupant injury in a crash are all factors that impact insurance premiums. So before making your next big auto purchase, do some research on safety ratings as well as those that are more susceptible to being stolen.

Although not an all inclusive list of what impacts auto insurance premiums, these are some of the most important factors that do affect it. Contact your local Pablo Beach Insurance agent to get the most up to date information on all of these factors and how to get the best coverage for your lifestyle and future plans.

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