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How automobile insurance quotes are calculated?

If you're taking your time to compare automobile insurance quotes every time your policy reaches its due date it's a good sign. It means that you're cautious about your insurance expenses and want to get the best policy at a reasonable price. However, the more quotes you compare the more obvious it becomes that there are different factors affecting the final quote, and the weight of each factor differ. If you already reached such conclusions then you've probably questioned the mechanisms of quote calculation. Knowing these mechanisms is very important since it will help you be more adequate about your rate expectations when comparing automobile quotes. And in order to save you some time, we've decided to highlight some of the most important factors affecting insurance quotes and rates:

Amount and types of coverage

The coverage you get with your policy is probably the most crucial factor affecting how expensive the policy will turn out in the end The more amount you select the higher premiums you get. Besides, adding additional coverage types such as collision, comprehensive, personal injury protection, gap and others will also add up to the amount of money you will have to pay for being insured. That's why by changing coverage amounts in the quote form you will get very different results even with the same provider. The car being insured

The car you're trying to insure is another variable with a very heavy weight in the equation. Depending on the car type, make and model you can get all sorts of automobile insurance quotes ranging from cheap to insanely expensive with the same amount of coverage included. Each car model poses a specific risk to the insurer and it varies a lot from car to car. Insurers analyze top speed, engine volume, safety features, security measures, repair costs, theft rates and other variables to determine how much of a risk a particular car model is. So if you always get very high quotes maybe it's the car that makes them so expensive.

Driving record

Each driver has a record that reflects his or her driving experience and problems with traffic regulations. Any tickets, accidents or other violations of rules are all included in this record. And the more entries you have the riskier of a driver you become for the insurer and the higher your quotes get no matter what car you're trying to insure. So make sure to keep the record clean if you want to get good rates all the time.

Age and sex

It may be surprising for some drivers, but their age and sex really have an influence on automobile insurance quotes. The thing is that insurers break down customers into various demographic groups, analyze them and charge quotes with the respect of the properties each group has. For example, young males aged below 25 tend to produce more accidents with higher costs than middle-aged women. That's why teen drivers get higher rates as compared to their older peers. Unfortunately, there's nothing you can do about it, except for shopping around more if you make part of a high risk group of drivers.

Place of residence

The area you live in also has its say in the quotes you get from the provider. Places with heavy traffic produce more accidents compared to places with low car numbers. Besides, large metropolitan areas usually have higher theft rates. So you will have different quotes for the same car and amount of coverage if you move around the country and even around the same state.

Credit rating

Not all insurance companies use credit scores when calculating automobile insurance quotes. Still, the number of those that do is rather pronounced. It is believed that there is a direct relation between credit scores and claim frequency. Drivers who have poor scores tend to produce more accidents and file more claims. The actual relations in this observation are a subject for speculation but you'll have to keep an eye out if you have a low credit score but want to get good rates.

Lowest Automobile Insurance Quotes on Today's Cars »

Getting low automobile insurance quotes depends on the type of car you drive, as much as your driving record. So if you're in the market for a new car, what do you buy? Learn more from our guide.

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