Concord Auto Insurance Company

Factors Affecting Your Rates and Premiums

According to Concord Auto Insurance Company, there are a variety of different factors that affect the premium you could end up paying for auto insurance. Each factor represents a statistical risk for the category that you fall into. Some of the risk factors that are considered include the driver’s gender, the number of miles driven each year and the purpose of your vehicle. Other factors considered include:

  • Age: Statistics show that drivers under the age of 25 have a greater risk of being involved in an accident than motorist over 25. Drivers that are between the ages of 50 and 65 are reported to have the safest driving records.
  • Gender: Women are statistically considered safer drivers than men.
  • Marital status: A married person will pay less than a single person with the same driving record.

Your Location

You may be able to save even more money on your auto insurance by reconsidering where you live. Where you live can make a big difference when it comes to your auto insurance. For example, if you live in a rural area with little or no traffic you will most likely spend less on car insurance than someone who lives in a congested city or suburb. Areas which have high levels of traffic usually have more accidents. Some neighborhoods also have higher rates of automobile thefts. This can also result in higher premium payments. This is great information to have if you are planning on making a move in the near future.

Your Claims History

If you have an accident or a moving violation such as speeding or reckless driving on your driving record, you are considered to be at a higher risk for accidents. This will cause your premium to increase. Some auto insurance companies will record this information on your policy record for up to five years from when the incident took place. Keep in mind, as your driving record improves, your premium will lower.

Your Vehicle Type

You car can be a big determining factor in how much you will pay each month on your auto insurance. If you have a sports car or other high performance vehicle, you will pay a higher premium. If you drive a van or station wagon, your rates will be much more competitive.

Your Driving Record

You will need a clean driving record free of accidents and tickets to get the best rate available. Be careful about even calling your insurance company to discuss a possible claim. Even if you don’t end up filing a claim it could still be on your record.

Check Your Credit Rating

Many auto insurance companies now view having a poor credit rating or no credit history at all as a potential high risk. If your credit is poor, you may have to pay a higher premium. The better your credit score the more you can save on your insurance.

Your Occupation

Your occupation can have a lot to do with your risk of being involved in an accident. For example, a courier or newspaper delivery person who spends most of their workday driving is a higher risk that an administrative assistant who spends most of their day in the office. While to may not be willing or able to change your job, weighing this information against the car you choose to drive can help keep your rates competitive.

Some other factors that auto insurance providers consider when setting your premium include:

  • Educational level
  • Distance driven each year
  • Years of driving experience
  • Business use of the vehicle
  • Whether or not you currently have auto insurance coverage
  • Alarm systems and other anti-theft devices
  • Multiple cars and driver (for discounts)

To insure that you get the best rate available, shop around and compare quotes from several different auto insurance companies. Enter your zip code into the quote box at the top of the page or on our home page to find out more about Concord Auto Insurance Company today.

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Finding an auto insurance company is not difficult, but finding the right auto insurance company can be challengling. Policy provisions vary from company to company, as do premium rates. When you are considering which auto insurance company to get coverage from, it pays to do some research to make sure that the company is a reputable one. You also want to ensure that your company has the assets to pay out a large claim, if that becomes necessary…
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