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How Can You Lower Insurance Cost?

Updated: Dec 6, 2021

When shopping for a car insurance policy, it can be tempting to reduce the rates of the policy by choosing a coverage that is not encompassing or by raising the deductibles. These are obviously two factors that have a significant effect on how the cost of your insurance is computed. However, other factors come into play which is within your control. Knowing what these factors are will make it easier for you to lower your insurance cost; thus, reducing your expenses.

When you are a young woman driving for the first time in your life, your car insurance rate may be a bit higher compared to the car insurance policy offered to your mother which has been driving for quite a while. Driving experience says a lot about one’s character as a driver. And if you are relatively new at driving, you may be a bit too excited to be on the road that you are likely to lose focus. The overwhelming feeling of excitement may cause you to lose your eye on the road or drive a little too fast which can both lead to an accident.

Did you know that married men tend to be charged a little less car insurance just because they are married? Studies show that married people, especially men, tend to be more careful while on the road compared to single people primarily because they have their family to consider. However, their driving record can also substantially alter the cost of the insurance policy they need to pay for. If you have a clean driving record, that you haven’t been involved in any accident, you could expect your insurance rates to be cut up to half its original cost.

Do you live in the centre of the city where most traffic accidents happen? Compared to those who live in the suburbs with little to no record of traffic accidents each year, you are likely to be charged more. Even though you have a clean driving record or are married with children, insurance companies will still look at the area where you live as a significant factor on how they compute your insurance rate. The more populated your neighbourhood is, the more likely will you be charged with higher rates.

Demographic factors including your age, gender, marital status and geographic location all affect the way companies compute for your car insurance rate. They each have a different effect on your insurance policy. Some of them may cause the prices to go up while others could help lower them and make them more affordable.

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