Car insurance premiums are high enough, but there are some things that make premiums even more expensive.
Some common reasons insurance expenses rise are getting into an accident, speeding tickets or adding younger drivers to your policy, especially young male drivers. If you get into a number of accidents or get a number of speeding tickets, your driving record will seem riskier and will usually raise your insurance premiums. Young male drivers are also considered riskier drivers, so the premiums are higher until a certain age, usually 25 years old.
Some other reasons you may not usually think of are:
Usually we think of our credit score affecting interest rates on loans but now many companies are also checking credit scores for car insurance premiums, job offers and before renting apartments. A low or poor credit score may result in a higher insurance premium than if you had a better score.
When you apply for car insurance, one of the questions you are usually asked is how many miles you usually drive annually. If the miles you drive increase significantly, this could make your premiums rise. This makes sense, since the more miles you are driving, it increases the chances of getting into an accident.
Although turning 50 is not usually considered old, some companies increase premiums around this age. According to some reports, drivers of the ages 64-69 are considered the safest drivers but some companies also increase rates. This age group may start experiencing slower reflexes and poorer eyesight but may not be as careful as older drivers.
Studies show that married people are much less likely to get into a car accident or other driving violations than single people. Married people may be more likely to have children with them so they are more careful with their driving.
Letting a friend drive your car
If you allow someone to drive your car and they are in an accident, your premiums may increase. Even though you were not responsible for the accident and their insurance pays for it, your premiums may rise.
There are various reasons that your car insurance premiums could rise, some common reasons and some that you may not have heard of before. Insurance companies have different standards about increasing insurance premiums, you may be able to save money by getting quotes from a number of different insurance companies.