All insurance providers and brokers use a combination of a number of factors to build a personal insurance profile in order to determine you insurance rate. Some of the main factors are:
1. The type of vehicle you drive: Insurance companies rate all cars based on their actual experience of how those cars perform in terms of claims for repairs, injuries, theft history, accident likeliness. The higher up your car rates on this car rating the better your profile looks
2. Your driving record: The better driver you are in terms of least convictions and accidents the better your profile. Also taking proactive measures like completing accredited driver-training courses helps improve your profile
3. How much you drive: The less you drive the less probability you have of being in an accident and as such reduced driving improves your profile
4. Where you live: Living in a smaller city vs. a larger urban center usually means a lower accident probability and as such can improve your profile
5. You age: Mature drivers are believed to be less likely to be in accidents than younger drivers and as such older drivers can buy insurance at a considerably lower cost
The amount of additional coverage you purchase beyond the basic can vary to include items such as optional collision coverage or comprehensive coverage. Depending on what combination of insurance options you decide to go for your insurance rate will differ
The deductible is the amount of a loss you would be required to personally cover in the event of an accident. Numerous deductive options are usually available however it is prudent to discuss all these options with your insurance provider to find the best combination for you.
Insurance premiums for the same coverage can vary from one company to another due to a variety of factors hence shopping around is very important
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