If you’re wondering why your car insurance premium is higher than that of your neighbor’s, it’s because many factors can affect your premium. For insurance companies, they employ a statistically based risk for a specific population. In most cases, the higher the risk associated with a person, the higher his or her premium is likely to be. Some of these risks are:
Age – drivers under the age of 25 are at greater risk of being in an accident, and teen drivers have the worst risk statistic. Drivers between the ages of 50 and 65 generally have the safest records, but the older you get, the higher the risk for accidents are.
Gender – here’s one point for girl power: women drivers statistically are safer drivers, although that trend is beginning to change as more female drivers take the road.
Purpose for using the vehicle – generally, the more you use your car, and the longer the distance, the higher the risk. Insurance companies will look on whether your car will be used for going to work, used for work, or for leisure only.
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