Sabtu, 22 September 2012

Factors Having A Significant Impact On Your Car Insurance - Finance

<p>In seeking to obtain the best quote for your car insurance, you will need to bear in mind that there are various factors that will affect your quote. Below are a few factors that insurance companies use in assessing a quote for your coverage:</p>

<p>Where Your Car Is Parked </p>

<p>Parking your car on the streets, in a driveway or in a garage can affect your premium significantly, because of the safety associated with each location. Parking your car on the street increases the probability of it being broken into or stolen, compared to if you had parked it in a garage. Hence cars parked in garages will have a lower premium that cars parked in a driveway, which will also have a lower premium than cars parked on the street.</p>

<p>Car alarms and Engine Immobiliser </p>

<p>Gadgets like a car alarm or engine immobiliser increases the security surrounding your car, making it less likely for your car to be stolen. As a result, your premium will be lowered as your car poses less of a risk to the insurance companies.</p>

<p>The Miles Covered in a Year</p>

<p>If you travel a lot it is more likely that you will be in an accident, (even if it is not your fault) than a person who probably just travels from home to the store each day. Therefore the fewer miles covered, the lower your premium.</p>

<p>Your Occupation </p>

<p>Your car insurance is assessed by the risk you pose and your occupation can play a crucial role. If you are, say, an accountant, it is more likely you will be at your desk all day and hence will pose little risk, considering you would not be using the car a lot. On the other hand, if you are a delivery person, your job would require that you use the car a lot and hence you would be of a higher risk and would be required to have a more expensive auto insurance policy.</p>

<p>Area of Residence </p>

<p>Assuming that you will park your car at your living address, where you live plays an important role in assessing the risk posed. If you live in an area that has high crime rate, chances of robbery are greater and so you will have to pay a higher premium. Marital status</p>

<p>Believe it or not, married persons pay less for their premium than single persons. This is because scientific research and statistics show that they are more responsible when it comes to driving and are also involved in fewer accidents.</p>

<p>Type of Auto Insurance</p>

<p>Third party coverage will be much cheaper as it only covers the damages done to the other vehicle and not yours. This is only advised for older cars. To cover your car in cases of theft and fire you would have to take the Third party Theft and fire coverage which is more expensive. To cover all areas of your car you would need the Comprehensive coverage which is the most expensive.</p>

<p>Other factors to consider are: persons over 25 tend to get cheaper premiums, along with persons with fewer driving offences. In addition, the more years you have been driving, and the more years of having no claims will get you a cheaper premium. The purpose for which the car will be used, whether business, social or work related can also affect the price you pay.

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