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Factors That May Affect The Premium

Rating factors are characteristics that place you in a group of drivers with similar risk-related characteristics.  Companies set a rate for each group based on the claims paid for the people in that group.  Here are some tips that may lower your insurance premiums

  • Keep a clean driving record.  Drivers with accidents and tickets usually pay higher premiums than those with good driving records.  For example, if you have more than one at-fault accident in less than three years, or if you are convicted of a moving violation, your insurance company could raise your premiums or non-renew your insurance policy.  If your driver’s license is suspended or revoked, your insurance company can cancel the policy.  If you are under your parents’ policy, your driving record will affect their insurance policy.
  • Choose your vehicle carefully.  Certain vehicles cost more to insure because they’re more likely to be damaged in an accident, cost more to repair, or are frequently stolen.  If you have a sports car or a high performance car you may have a hard time finding insurance at standard rates.  And if your car is a “street machine” or is “souped-up,” there’s an even greater chance that you’ll pay a lot more for your insurance.
  • Drive a vehicle with safety features.  Some companies offer a discount for such items as air bags, automatic seatbelts, and anti-lock brakes.
  • Maintain a good credit history.  Companies may consider your financial stability and charge higher premiums based on your financial status (i.e., credit card history, amount of credit, how timely you pay your bills, etc.).
  • Keep your grades up.  Some companies offer a discount to young drivers who maintain a “B” average or better
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