Factors that Impact the Cost of Auto Insurance Policy

    Compare, Buy & Renew online Insurance - STARiNSURED

    8th Sep 2016
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    Below are the factors that impact the cost motor insurance:

    • Deductible:

    Deductible is an amount of money which a customer pays out of the pocket when he/she gets an accident. Higher the deductible results in lower the insurance cost.

    • Age:

    Policyholders with younger age have higher insurance rates.

    • Gender:

    As the health issues happen more to the females, so they have high insurance cost than males.

    • Demographics:

    People have to pay more if they are living in high crime area in comparison to the people living in low crime area.

    • Moving Violation:

    Uncontrollable fast driving speed and other violations create negative impact on the insurance cost. Follow the driving rules to keep the cost of the insurance lower.

    • Vehicle Choice:

    Insurance cost for sports cars can cost more than sedans and other cars. So, customers have to look into the cost of insurance before purchasing it.

    • Driving Habits:

    Miles average of driving the vehicle also plays a role in determining the cost of the insurance.

    • Theft Deterrent Systems:

    Systems such as alarm on the vehicle help in low the cost of insurance.

    • Safety Devices:

    Such as Air-bags, anti-lock brakes etc.

    • Accident Prevention Training:

    Insurers offer this discount, if the policyholder or driver has driving educational training.

    • Multiple Policies Plan:

    If a customer has number of policies, insurers offer discount in such case.

    • Payment Option:

    Some of the Insurers offer discount if the customers pay the bill at one time instead of paying in instalments.

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