5 Things You Didn't Know Affected Your Car Insurance Premium
There are dozens upon dozens of different factors which can have an affect on the price of your car insurance premiums
. Some of these factors are widely known, whilst others seem to be kept close to the chest of the insurance companies.The following 5 points are all factors which can have a considerable affect on the amount of money that you pay for your car insurance premium, but aren't considered to be public knowledge.
1. Credit score - generally speaking, if you have a poor credit score, you may find it difficult to be accepted by a broad range of insurers, particularly if you're looking to pay on a monthly basis, rather than in one lump sum.
The reason behind this is that bike insurance companies look at your credit score to determine how reliable you are in terms of paying your bills on time and keeping on top of your finances. If it looks like you struggle to pay your debts, then the insurer is going to be reluctant to provide you with a policy, as there is the chance you may not be able to pay your premiums.
In addition, a poor credit score can - in some instances - show dishonesty and poor management in a person, which in turn could mean that the potential policy holder has lied on their application so that they receive a cheaper premium.
2. Job - the type of job that you have can actually have quite a substantial effect on the price of your bike insurance premium.
For example, if you are considered to be a professional driver, which can be anything from a racing car driver to a chauffer, you are going to find it particularly difficult to find affordable car insurance, as statistics show that you are more likely to be involved in a road incident of some sort.
3. Type of security device - whilst it is common knowledge that the more security devices you utilize for your car, the cheaper your insurance premiums will be, what is not widely known is that the make of the device can have an effect, too.
Varying slightly from insurer to insurer, ask your insurance company for a list of their recommended and preferred security device manufacturers.
4. Policy holder's age - it's widely accepted that the younger the policy holder is, the more expensive the car insurance premiums are going to be, as the driver will have only minimal driving experience.
However, there is a common misconception that the older you are, the cheaper the premiums will be. The truth is, once you hit retirement age, you will start to see an increase in your premiums, as this is the age at which your reactions naturally slow down, making it increasingly likely that you will be involved in an incident on the road.
5. Car's age - as with the policy holder's age, looking at a car's age in general terms, the younger it is, the higher the car insurance premiums are going to be. However, don't just automatically assume that the older the car is, the cheaper the policy will be.
If you were to purchase a 1973 240D from Mercedes-Benz dealers, for example, you would find that your insurance premiums were increased over a W124 bought from Mercedes-Benz dealers that was first introduced in 1984.
This is because after a certain age - generally 25 years from the current date - insurance companies begin to look at these cars as being classics, making them more difficult to maintain and repair. Therefore, if they are involved in an accident, it's going to cost the insurer more money than it is if the car was only 10 or 15 years old.
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