5 Unusual Factors That Could Raise Your Car Insurance Premiums

If you are like most drivers, then you are currently bending over backwards to spend less money on car insurance without making any kind of compromises. The question is this: could you actually get your hands on a more than decent policy offering you countless amazing benefits without being forced to deal with sky-high expenses on a monthly basis? The answer is yes. It is in your power to lower your car insurance premiums. To achieve this goal, all you have to do is identify and address some of the common factors that could make your premiums go through the roof. Below you will find 5 such elements that burn holes in your pockets and threaten to overbalance your budget.

1)      Lack of Research

Truth be told, only a few people actually acknowledge the crucial importance of proper research. Only a limited number of drivers can actually spot the most appealing offers and unlock additional discounts that they are eligible for, because they dig a little deeper than the rest. Make no mistake: lack of research will cost you. Don’t assume that the first offer that you receive from an insurer is also the best one.

Insurance companies strive to overcome the efforts of their main competitors and this actually works to your advantage. A fierce competition leads to lower rates and thus more money in your pockets. To explore all these advantages, rely on Insurance Depot Quote to spot and compare car insurance rates by zip code. Take a closer look at all those numbers, analyze your financial possibilities and discuss your options with an agent. This is clearly the simplest, most convenient method to buy insurance and discover cost-saving alternatives.

2)      Turning 50

Turning 50 is a very important milestone. This means that you are older and wiser, but somehow more than a few insurance companies manage to turn this against you; several providers charge higher rates when it comes to insuring drivers over 50. This measure is very controversial, since statistics provided by the National Highway Traffic Safety Administration clearly indicate that some of the most prudent drivers who cause the lowest number of traffic accidents are between the ages of 64-69. Moreover, it’s no secret that older drivers always remember to wear their seatbelts and drive carefully. They seldom get speeding tickets and, generally speaking, they cannot be considered a liability by a potential insurer. Even so, it seems that drivers over 85 have a higher number of crashes per mile than younger drivers. This is perhaps the main reason why people over 50 may be forced to spend more money on monthly premiums by some carriers.

3)      You (Still) Have a Poor Credit Rating

The fact that you have a poor credit rating may make your insurer raise your monthly premium. This actually makes sense. A poor credit rating reveals the fact that you are not very good at managing your finances. You may have fallen well behind on your mortgage payments or you may have written more than a few bad checks. Does this turn you into a big liability? Perhaps not, but it definitely stimulates your insurance company to catalogue you as a high-risk client who should spend more money on monthly premiums.

4)      Deciding to Drive More Miles

Before accepting a new job offer, weigh its advantages and its drawbacks (even the less visible ones). You may be wondering: what does my new job/promotion have to do with my car insurance policy? There may be a solid connection between these two elements, as long as this new change impacting your professional life could make you drive more miles on a monthly basis. Researchers have reached the conclusion that a longer commute to your office exposes you to considerable risks, including exhaustion, heart attack triggered by traffic pollution, added pounds, increased risks of getting a divorce and higher car insurance premiums.

A longer commute increases your odds of getting involved in a traffic accident, and obviously your insurer is not pleased with this. To minimize its own risks, your insurance companies will instantly raise the value of your premiums, as soon as you announce that you will have to travel more miles on a daily basis to get to work. Lying is not an option. Be very honest and make sure your insurer is fully aware of all changes related to your current location and/or place of work. Any important changes that are not communicated in a timely fashion may invalidate your future claims.

5)      You’re Single

Believe it or not, your marital status can and will influence the value of your premiums. Still think that being single is the best thing that could ever happen to you? If so, note that your insurer can give you at least one good reason to change your mind in the blink of an eye: single people are forced to spend more money on premiums. Why? The answer is quite simple: single individuals have no obligations, are usually young and are more likely to become responsible for crashes or any other kind of driving violations. On the other hand, married people are considered less of a liability because they cause fewer accidents and also have superior financial possibilities, so they could cope with potential losses better than a person who is single. In this context, the fact that women who are married and do not smoke get the chance to profit from the lowest rates shouldn’t surprise you.

Wondering how you could keep your premiums low? Research is always the key to success. All you have to do is compare car insurance rates by zip code. Spot the most amazing deals with a few clicks, get in touch with your current insurer, find out what kind of discounts you may be eligible for and save big on auto insurance. This is the easiest way to protect your resources, make a smart investment and get the type of car insurance policy offering you an ideal level of protection.