Is Your Insurance Costing You An Arm And A Leg?
If youve taken a good hard look at your auto insurance policy lately
, you may be wondering when it became so expensive to insure your vehicle on the road. While its mandatory to purchase car insurance in the majority of states, most insurance customers find it difficult to budget in this monthly expense, on top of monthly car payments and fuel costs.Car Insurance Is Based on Risk Management
Although the make, model, and year of your vehicle come into account when calculating Austin car insurance rates, a number of personal factors are also considered to determine your level of risk as a driver.
The type of vehicle that you drive could add to your car insurance costs if it is newer and more expensive to repair. But on top of that, your gender, age, and marital status will also impact how much you pay in monthly car insurance as a form of risk management.
Here is a better breakdown of how personal factors can dictate how much you pay in your car insurance premium:
Drivers under 25 or in the retirement age category may pay more in car insurance because statistics have proven that they are more dangerous on the road. Nonetheless, elderly drivers may be able to improve their rates with a clean driving record and years of experience.
Women are statistically proven to have less car accidents than men and will be eligible for cheaper rates.
Once you get married, you may start to pay less in car insurance since married drivers are statistically safer on the road.
Beyond these personal factors, your geographic location could also hike up your car insurance rates considerably. If you live in an urban area, you will pay more than a driver that lives in a rural neighborhood. The reason being is that the likelihood of theft or an accident greatly increases in an area that is highly populated.
3 Ways to Save Money on Car Insurance
Although it may seem like a lost cause to look for cheaper car insurance rates if you are in a statistically proven high-risk category, you can still use these helpful guidelines to make your monthly premium as affordable as possible:
1. Request discounts based on your age. Once you hit the golden age of 25, you could receive a car insurance discount of up to 20% as your risk category drops significantly. Make sure to update your insurance agent about any major changes in your life that could affect your insurance rates, including marriage and children.
2. Move to a different neighborhood. Moving into a safer area that is closer to your job will shorten your daily commute and reduce the risk of theft and vandalism. Both of these factors will contribute to inexpensive car insurance rates by protecting your vehicle and shortening your time on the road.
3. Increase your deductible. The deductible is the amount of money that you will be required to pay in an accident before your insurance company pays for your claim. If you have several thousand dollars in savings, you may want to increase the amount of your deductible to save hundreds on insurance in the course of a year.
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