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Car insurance, very basically, is a matter of assessing risk; the risk of an accident and likely cost of repairs and the risk of the car being broken into or stolen. There are key factors that influence these risks, and they revolve around two main axes: the driver and the car.
When drivers apply for car insurance, insurers consider a variety of personal factors. For starters, a driver’s age is an important influence on the cost of premiums. Unfortunately, young drivers account for a high number of accidents on the road and a large majority of these drivers tend to be in their first year of driving. As a result, young drivers tend to pay higher premiums for insurance. Where you live and your income is another factor as they correlate with crime rates and some insurers may consider occupation and marital status as well.
The car you drive is another important factor that determines the cost of your insurance premiums. The car’s design, technology (such as safety features) and age all impact on the ease of repair. Another important factor is whether or not a car is modified or altered from its original factory condition. This can range from the addition of alloy wheels to body kit changes, but generally, premium increases are applied for those changes that alter the overall performance of the car.
There are car insurance specialists that cover high-risk or low-risk cars and it’s important to shop around to find a good price. Try first not to overstate the value of your car, and second, consider speaking to a specialist who can provide services for high-risk drivers or young drivers where car insurance quotes may seem expensive. Browse to get a wide range of competitive quotes on your car insurance.