Factors That Can Affect The Cost Of Your Auto Insurance Premium

Factors That Can Affect The Cost Of Your Auto Insurance Premium

Auto Insurance HamiltonThere are a variety of factors that contribute to the cost you ultimately end up paying for your auto insurance in Hamilton premium. Three big factors that can play a role in the price of your monthly premium are the kind of car you drive and your age and gender.

Type of Car You Drive

Insurance companies take into consideration the safety record of the specific car you drive. They look at many different things, including the following:

 

  • Crashworthiness
  • Repair Costs
  • Car’s Age
  • Safety Features (air bags, anti-lock brakes, etc)

These things all combine to decide how likely your car is to hold up in the event of an accident and how much the insurance company will have to shell out in order to have it repaired.

Age and Gender Do Matter

Auto insurance companies look at cold hard statistics they have compiled over years in the business in order to determine the risks associated with insuring each driver. On average, a male driver will pay roughly $15,000 dollars more in his lifetime for auto insurance than a female driver. This is because statistics show men tend to drive more aggressively and be involved in more accidents than women.

Although you can’t do much about your age and gender, learning about all the different factors that contribute to the price of your auto insurance premium can help you to minimize its cost.

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