Car Insurance Factors
Car Insurance Factors
If you are looking to save money on car insurance then read on to find out more about the following factors that will affect the cost of your premium.
Male or Female?
You may be wondering, what has gender got to do with car insurance According to the analyses the insurance companies have carried out, they believe that female drivers are less of a risk on the roads than male drivers. The other perception is that the accidents female drivers are involved in are less serious than those of male drivers. Hence, it would be cheaper to insure a female driver. $0 as a female driver, even if you are under 25, you still beat the male driver's best prices.
If you happen to be not a female, well, tough luck, as you can't do much about it (i.e. changing gender just for car insurance savings is going a bit far). However, there are still some strategies you could consider, for instance adding your spouse on the policy. We will discuss this in more detail under the section 'Additional drivers'.
Maried Or Single
Apparently, according to the majority of underwriters, if you are married you're considered to be more responsible. Therefore, in most instances, married drivers will have lower insurance premiums.
However, if you are living with a partner and are not legally married, that is considered as cohabiting only, you don't get any discounts for it.
So if you are single or cohabiting you fall into the same higher risk category.
However, it does not make much of a difference to the price, although, sometimes small differences over a longer period could become significant
So, mentioning about marital status cohabiting with partner may lower premiums with some companies. Also, if you are legally married, your spouse can be entitled to a number of other benefits, such as transfer of NCO, Business Use Class I, and death and injury cover.
In other words, if you decided after 5 years of driving your car without any claims to start riding a bicycle and get rid of your car for some time, rather than wasting your No Claim Discount (NCO) you can transfer that bonus over in to your spouse's name so that he or she can benefit from the discount. If you have a corner shop or any other business for which you would require a Business Use Class I insurance, say, for going up to the local cash and carry to collect the stock, if you were not feeling well, your spouse will be covered to drive up to the cash and carry and do your job for you.
Car Park Address
This is one of the essential factors affecting the premiums of car insurance. Where ever the car is parked over night most of the times in a year would be classed as the "Risk Address" (i.e. where the car is parked for more than 50% of the time of the policy duration). The rougher the area, the higher the cost of insurance will be. It could be your home address, work or any other address for that matter. Where you live, and where you park your car (l.e. in a garage, driveway or off street parking) can make a lot of difference. There are more crashes in certain areas, many of them urban, than in the countryside, and so, in general. the quieter your area is, the cheaper your premiums will be. City centres are considered to be dangerous due to the risk of damage to the car, especially if it is parked outside. In general, the insurance underwriters (and their computer programming) immediately increase the quote when they encounter city centre postcodes.
For instance, a Mr Jones worked full time in a warehouse as an operative and worked day shifts but now has decided to change his employment pattern to night shifts and still commute by car. He parks his car in a secured car park with in the warehouse premises. However, he did not think it was important to tell the insurance company of the change to what was technically his risk address. One day someone broke into his car and stole his car stereo system. When he phoned his insurance company and told them of the matter they verified the risk addressINVALIDATED his insurance and cancelled the policy. Mr. Jones had to recover the losses himself. He then realised that a lot worse could have happened.
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