Car Insurance Tips: Saving Money for Families and Small Businesses

Because statistics prove that as separate groups young single males and single females have an overabundance accidents and moving violations than their older and married counterparts, their premium rating factors are much higher than the nation’s average of just one. However, should you fall into either of these categories, do not despair.

There are many premium saving solutions to you. Need more info? official statement. Before we delve into these premium saving maneuvers, you should know the exact age, sex, and marital status breakdowns standard among most insurance companies throughout the country. The highest-rated group are single males under age 21, followed by ages 21-24 after which 25-29, with the rates decreasing at each higher generation. The following rating factors have to do with principal operators-those who drive no less than 25 percent of the entire mileage and have their vehicles registered in their own individual names. Single males aged 21-24 have a rating component that can vary.

Which means that their final premiums can vary from a low of $630 up to $900. Again, the differences in the premiums are staggering, and in this case a single male could save 30 % just by searching for the insurance company with the lower $790 rate.

Single males aged, who’ve a low rating factor, may have premiums ranging from a low of $850  to a high of $1650. The staggering 40 percent contrast between those two premiums is born entirely to the arbitrary usage of different rating factors among the various insurance companies.

saving money and car insurancr ratesSingle males under age 21 use a rating component that can vary from 2.00 to a few.00 based on the company-double to triple the normal premium charged to a adult male (30 and older) or perhaps a married male 25 or older. In comparison to our standard example, when the adult /married fees are $360 (based on a 1.00 rating factor), the last premium for any single male under 21 would range between a low of $720 ($360 X 2.00) to a high of $1,080 ($360 X 3.00), depending upon the rating factor used by the insurance company.

As you can see, the premium differences among various companies could be very staggering. In this instance, you could save up to 33 percent each year by simply focusing on how to shop around, a topic we’ll be examining in depth

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