Car Insurance 2020 News: What Factors Influence Car Insurance Costs The Most

LOS ANGELES, Feb. 4, 2020 /PRNewswire-PRWeb/ -- To determine the insurance rates paid by their customers, the car insurance companies will analyze multiple factors before granting the coverage. The factors that influence car insurance costs the most are the following:

    --  The vehicle that is to be insured. Insurance companies will be
        interested in the car make, model, year of production, safety devices,
        and other car-related info. With this data, the insurers will find out
        the price and the number of claims made by that particular model. Models
        that have a high number of claims or are expensive will cost more to
        insure.
    --  Driving history. Drivers that manage to maintain a clean driving record
        for a certain number of years will be granted a premium reduction by
        their insurance companies. On the other hand, drivers that have many
        felonies in their records will be labeled as high-risk and will have to
        pay more on their insurance premiums.
    --  Where the car is kept. Vehicles that are parked on the road have higher
        chances to be stolen or damaged by vandals. For this reason, drivers
        that keep their cars parked on the road will pay higher insurance rates.
        Policyholders who keep their cars parked in a garage will pay lower
        insurance rates. Cars that are parked in a garage are rarely stolen and
        they are protected from vandals and the effects of severe weather.
    --  Installed safety devices. The insurance companies will reward those
        drivers that want to make their cars safer. To do that, drivers can
        install collision warning systems, rearview cameras, GPS tracking
        systems, emergency braking systems, cruise control and so on. But before
        installing any of these devices, drivers should ensure they are approved
        by their insurers.
    --  Living area. Drivers that live in high crime areas where cars are
        frequently stolen or vandalized will pay more on their insurance
        compared to those that live in areas where cars are not frequently
        vandalized or stolen.

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SOURCE Compare-Autoinsurance.org