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Car Insurance Premiums: Why They Can Be High or Low

A car insurance premium is one of the most important expenses you have to deal with regularly. How much you pay every month depends on your provider. But, some factors also impact your premiums, including your vehicle, driving habits, location, limits, and the coverage you choose to include. To help you know what to expect if you are buying car insurance, here are the factors that can influence the price you pay:

Your Driving Record

Maintaining a good driving record is key to paying lower insurance premiums.  If you will be found at fault for an accident, your insurance provider will perceive you as a riskier customer. And they pass this risk onto you through the premium you pay every month. If you are a new driver and never had auto insurance before, you may pay more for your coverage.

How Often You Drive Your Car and Where

If you are in the city and drive your car here, you may pay more for insurance. Car theft is common in cities and with a lot of cars on the roads, collisions can take place more often. Also, the more you drive your car, the higher your chances of being involved in a car accident.

The Make and Model of Your Vehicle

Insurers vary in their rates for various makes and models. They consider the chances of your vehicle being damaged in a collision or stolen and the repair cost. Generally, newer vehicles are more expensive to insure than older ones, especially if you are looking at luxury vehicles. However, the safety features of your vehicle can help in lowering your premium.

The Amount and Kind of Coverage You Choose

The more coverage your policy has the higher the premium. Often, you can customise your policy to fit your specific needs.  Typically, the type of coverage you can get from Miway include in your auto insurance policy include comprehensive coverage, third-party only coverage, third-party, fire, and theft, as well as total loss coverage. With some insurers, you can also optional protections to consider like towing and labour costs, sound system coverage, as well as rental reimbursement.

If you wish to save on your monthly premium, take your time shopping around and comparing. This will help you find the right coverage at the right rate. Request quotes from several insurance companies and compare them to ensure you get the best deal. Also, consider asking your provider about discounts.

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