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When
it comes to auto insurance rates, who you are
determines what you pay. Automobile insurance
premiums are based on a large number of factors,
some of which you can control, and some of which,
alas, are incontrovertible facts of life. Statistically,
a sixteen-year old boy with a 300 horsepower sports
car in a big city is far more likely to hit something
than a 35 year-old married guy driving a minivan
around the suburbs.
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While you can’t change your age and some
other factors, there are things that you can
do to keep insurance premiums as low as possible.
Factors you can't change that impact your auto
insurance rates:
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Your age : |
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Aging is unavoidable. And while you may be a mature-looking
teen or a youthful octogenarian, the oldest and
the youngest drivers are far more likely to have
accidents. |
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Gender :
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Whether it’s the mothering instinct or
fewer NASCAR fantasies, women statistically
make safer drivers.
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Marital Status : |
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Ok, you can change this, but there have been
no reports of people marrying simply to lower
their insurance rates. Factors you can change
that impact your auto insurance rates.
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Geography :
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Where you live matters.
For instance, those living in rural America are
far less likely to have a collision or a stolen
car than those living in a city. But, sometimes
even just moving across the street can change your
rate. |
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Driving violations :
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Speeding tickets, running red lights, failure
to yield, etc. all count toward your auto insurance
rate.
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Your vehicle : |
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If you must have that cherry red Corvette or
the Ferrari Testarossa, be prepared to pay for
it. Your insurance premiums will be higher.
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Accident claims :
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While you can’t change the past, keeping
your slate clean and free of accidents will
hold you in better stead than lots of fender
benders.
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Credit rating : |
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That’s right
— many insurance companies view having a poor,
or even no credit history as suggestive of higher
risk. |
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Occupation : |
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A little easier said than done. Believe it
or not, insurers have found correlation between
your occupation and risk. Makes sense that the
pizza delivery guy could be a higher risk!
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Other factors that
go into determining premiums: |
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Miles
driven per year, Distance to work, Occupation
, Years of driving experience, Business use of
the vehicle, Whether or not you currently have
auto insurance, Theft protection devices (often
results in discounts),Multiple cars and drivers
(another opportunity for discounts) |
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