Are you looking to insure your car at an affordable price? Well, that’s going to need some digging around for the best motor insurance providers in your area. Before you head over to some motor vehicle insurance company to buy motor insurance, some factors need the attention of your eye. While some of these factors may have a negligible effect on the auto insurance you choose, others may affect it in a big way. Just go through the list and find out which are the factors you need to consider when buying the best motor insurance.
- Age: While young drivers have to pay a higher premium per year, drivers in their 50’s or above may be paying around $5,500 less comparatively. Insurance providers take young drivers to be very risky and expensive clients. The factor comes into consideration due to various surveys showing how recklessly teen drivers drive.
- Driving History: Do you have a history of violations or tickets? Then be ready for a higher premium rate when you buy motor insurance. It is a known fact that motor insurance companies tend to decide the premium of the insurance based on the drivers’ records. Motor insurance companies consider speeding tickets, reckless driving, and DUI (Driving Under Influence) as the main factors while calculating the premium amount.
- Experience: Are you experienced enough to lower down the cost of your motor insurance premium? It’s quite fair and simple. The more sittings you have behind the wheel, the less likely you will be in an accident or some other violation. Don’t you think the insurance company will be too happy to insure your car as your experience reduces the chances of claims from the insurance company? Besides, it also reduces the premium amount per year.
- Claims: Are you having a history of claims? If yes, the insurance company might pose problems for you. They prefer drivers with the least claims. The more the claims, the fewer chances you have to secure good motor vehicle insurance for your car.
- Coverage: Do you know that the premium amount you are required to pay varies with the coverage you want? If you just want basic coverage, the premium will be less. However, for every additional add-on facility, you are going to pay more for your motor insurance. (97)
- Vehicle: Are you insuring a very costly vehicle? Get ready to pay a huge premium amount. Brand new cars, and sports cars, require a lot of money to replace. As such, the premium per month is usually higher as compared to cars of the bygone days.
- Location: How can location influence the premium amount you have to pay for your motor insurance? Well, it can. Areas that are more prone to floods, fires, vandalism, crime, or any other kind of theft will have high risks and as such higher premium amounts. You may get a lower premium in a low crime or peaceful area.
- Credit Score: Are you having a good credit score? No. This could be a major hindrance in getting the best motor insurance for your vehicle at an affordable cost. While most of the drivers overlook this factor, it should not be so. A driver with a good credit score and the one with a poor credit score can have a difference of $130 in their monthly premium. What has credit score got to do with this? Drivers with good credit scores do not file for claims very often.
Which Policy Should I Choose?
Isn’t it a tough task to choose the best motor insurance policy at an affordable cost? However, here is a list of some policies one can choose from according to coverage type.
- Liability Only Insurance: This insurance covers the other vehicle in an accident if you are on the wrong side. You might like to increase the cost of the premium in such a policy depending upon our assets, income, and ability to cover vehicle damages or injury costs.
- Full coverage Insurance: The states do not require all drivers to have such an insurance. However, certain companies might suggest you go for full coverage insurance as it includes an all-in-one insurance such as liability, collision and comprehensive insurance.
- Insurance for Bad Credit Drivers: Bad news for drivers having a poor credit score. Most of the motor insurance companies will come up with high rate premiums. However, there are differences here too with companies offering premiums from $4248 down to $1460.
- Insurance for Students: Students or you call them youngsters, or even high-risk drivers, get policies with higher premiums, which is but natural. There are insurance companies that add their insurance to family insurance to provide for lower premium rates.
- Insurance for Army Men: Motor insurance companies provide a 15% discount to retired or serving military personnel. To ensure you get the best rates, you will need to compare the quotes of different insurance companies.
Want to Know More?
Are you really interested in buying motor insurance for your car? Click here to enquire about Motor Insurance or Click here to get help for Motor Vehicle Insurance. Massy United Insurance deals in various kinds of motor insurance. Just pick the one that’s right for you.