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3 Factors That Impact Auto Insurance Rates
June 16, 2022
Auto insurance saves you countless dollars when you're in an accident, and it's legally required. If you're exploring rates, you may be wondering how insurance agents determine the plan's monthly cost. Here are several universal factors they use to make their decision.
What Determines Auto Insurance Rates?
1. Driving Record
Your history behind the wheel is the most important determining factor. If you've been in many accidents or have multiple driving violations, the insurance carrier will see you as a liability. They have to assume you're more likely to experience an issue, file a claim, and require compensation. If you're quoted a high rate, dispute errors on your driving record or ask the auto insurance agent about ways to track good driving to eventually receive a lower rate.
2. Age
It's well known that teens have higher insurance rates because they have no driving history and they're inexperienced; therefore, agencies assume they're more likely to get into an accident. As you develop a positive driving history, your rates should drop. However, at age 65, carriers may raise rates. They often have concerns that age-related illness, vision issues, and other health factors raise the likelihood of seniors getting into an accident.
3. Credit Score
Credit scores measure how well you manage debt. Scores range from 300 to 860, and financial companies use the score to determine how reliably you can pay your debt each month. If you have a high score from paying debts on time and carrying a low balance, auto insurance companies will feel comfortable that you'll pay your monthly premium on time.
The team at Phil Taylor Insurance Agency will work closely with you to ensure you get the best auto insurance rate. Serving Clarksville, AR, these professionals provide policies for boat and RV insurance, home insurance, renters insurance, and more. Call (479) 754-2616 to request an insurance quote, and connect on Facebook for more tips. Visit their website to learn more about their policies.
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