What’s Impacting Your Auto Insurance Premiums?

auto insurance apple valley mnCar insurance varies depending on a couple of factors! How is your monthly cost determined?

When trailing through online auto insurance quotes, you’ll notice that with every question you answer, the monthly cost will fluctuate. The price of your auto insurance premium is affected by many factors!

Insurance is all based on risk. A teenager who is new to the roads will have a higher premium than a middle-aged adult who has been driving for many years, as a teenager is more likely to be involved in an accident and cash in a policy.

Check out what determines your auto insurance premium:

  • Age – Those under the age of 21 pay an average of 48 percent more than those aged 21 to 25. As those who are inexperienced have frequently been involved in collisions, they face higher premiums.
  • Gender – On average, men pay 5 percent more than women.
  • Marital status – Single people pay an average of 19 percent more than married couples while divorced people pay less than both single and married people! Don’t rush to the altar to save on your premiums yet; the cost difference could primarily be due to age.
  • Locations – The cheapest states for car insurance are Idaho, Vermont, Wisconsin, while the most expensive states are New Jersey, Maryland, and Rhode Island!
  • Homeownership – On average, renters pay 23 percent more than homeowners!
  • Education – Typically, high school graduates pay 33 percent more than those with a graduate degree. (This does not include the Good Student Discount!)
  • Safety – If your car has added safety features, such as multiple airbags, daytime running lights, and you park it in a safe garage overnight, you may enjoy a lower premium!

Of course, your personal information affects your rate, too. If your twin brother pays less than you, it may be because you have a nifty red sports car, have filed claims before, and you’re located in a high-crime area!

Are you still looking for the best coverage to match your budget? Contact Mayer Insurance in Apple Valley, Minnesota for tailored auto insurance protection for your desired premium!