Factors Affecting Auto Insurance

03 February 2011 - Which Way To Pay

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Factors Affecting Auto Insurance

Auto insurance is a difficult product to compare, it isn't possible for insurers to advertise their prices directly because everyone pays a different price for it, even if they are insured for the same motor vehicle. Making sure you understand the factors that affect what you pay for auto insurance is very important before you start shopping around, as you want to get the cheapest auto insurance premiums possible.

Insurers calculate their auto insurance premiums taking into account the following things:

Age - Young or inexperienced drivers are seen as high risk. A compulsory excess is often charged to young drivers.

Gender- Male drivers are seen as higher risk. Female drivers take fewer risks, don't drive as fast and have less serious accidents, so are classed as low risk.

Vehicle type and value - The age, model and engine size of your car is one of the main criteria used in calculating a premium.

Annual mileage - Low mileage, i.e. less than 6,000 miles per year means lower premiums. Extra drivers or changing jobs can affect your annual mileage.

Medical history - An important issue when determining how much you will pay, for example whether you wear glasses or not or have had a stroke or heart attack

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