Calculating your car insurance premium Have you ever wondered why you do not pay the same car insurance premium as your neighbor or office colleague who has the same car as you?
Here are the criteria that influence your insurance premium.
Your age and your sex
If you belong to a segment of the population that makes more claims, this will be reflected in the cost of your insurance.
Your driving record and the use of your vehicle Your insurance premium may be lower if:
You have a driver's license for several years; You did not commit traffic offenses; You have not had an accident for which you were responsible or not; You travel a short distance with your vehicle; You do not use your vehicle for your work (for example, to visit customers). The place where you live You are more likely to have your car stolen in certain neighborhoods or regions. The premium is therefore higher or lower depending on where you live.
Your vehicle type
The premium will be higher or lower depending on your vehicle (the make, model, year of manufacture, value, engine power, the cost of replacement parts and even the number of doors).
The protections you want
Depending on the protections offered, the premium will be higher or lower. For example, if you are covered solely for civil liability, you will pay less for your insurance than if you are covered for civil liability and damage to your vehicle.
The deductible is the amount that the insurer does not pay. For example, if you have a $ 500 deductible and your accident costs $ 2,000 in fees, the insurer only pays $ 1,500. The higher the deductible, the more economical your insurance premium will be.
Your credit report
Some insurers believe that a person with a good credit record is more likely to properly maintain their vehicle and drive safely. They grant a discount depending on the client's financial situation. The better your financial situation, the more important your discount will be.
For example, your insurer may offer you a discount if: You take your car and home insurance with him; You insure two vehicles at the same time; Your car is equipped with an anti-theft system; You have lived in the same place for several years; Your vehicle is hybrid (it runs on electricity and gas); You use his website.