What Are The Main Factors That Influence Car Insurance Premiums?

LOS ANGELES, Nov. 13, 2020 /PRNewswire-PRWeb/ -- Insurance companies analyze a vast number of factors to determine the premiums paid by their customers. Some of these factors can be improved by the policyholders, while no one can improve other policy determining factors. The following top factors can have a significant impact on the premium paid by a policyholder:

    --  Demographic data. The driver's age, sex, and marital status can
        influence the insurance rates paid to the insurance companies. It's a
        known fact that teen drivers and senior citizens pay the highest auto
        premiums only because of their age.
    --  The make and model of the car. Cars that come equipped with many safety
        features can lower the premiums paid by a policyholder. On the other
        hand, high-end models, or expensive sports car are more costly to
        insure, as the price to repair these types of vehicles is higher than
        that of regular cars. Also, expensive car models are a preferred target
        for car thieves.
    --  The place where the policyholder lives. Insurance companies will analyze
        certain data about the place where a policyholder lives. Insurance
        companies will increase the premiums of the policyholders who live in
        densely populated areas with high rates of theft and vandalism. Usually,
        drivers who live in cities tend to pay higher premiums than those that
        live in rural areas.
    --  The purpose of the vehicle. Drivers who use their vehicles for long
        daily commutes will likely pay higher premiums than those drivers that
        use their cars during the weekend.

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