All car insurance companies claim that they will save you a decent amount of money on your car insurance. The fact is that they (yes, all of them) may be telling the truth! Each car insurance company has its own way of assessing how much a person needs to pay for their car insurance. Each of these methods is different, and that’s why the car insurance quotes they come up with are different. That’s why it’s important to compare car insurance quotes.
Factors that affect insurance rates
Different car insurance companies use various factors to settle on a final quote. Some of the common factors that all companies take into consideration are:
- State you live in
- Driving history
- Coverage amount
- Credit score
To make sure you save the most on your car insurance policy, experts recommend that you compare car insurance quotes from at least 4 or 5 companies. When you compare car insurance quotes, it will become evident which policies are best suited for your coverage requirements and personal budget. Comparing car insurance quotes also helps you evaluate each company’s benefits and drawbacks and choose the right company/policy that meets all your needs.
Way.com analyzes car insurance rates for drivers with various driving and credit histories across zip codes from every major car insurance company, so you can easily compare car insurance quotes and snag the lowest prices.
Compare car insurance quotes by age
Most insurance providers charge drivers around the age of 25 higher car insurance rates because they tend to get into more accidents on average than older drivers. Car insurance rates for a 25-year-old driver also vary from state to state. Some states, such as Maine and Vermont, have average prices of less than $1,200 a year for complete coverage. In some other states, such as New Jersey and California, insurance costs more than $2,000 a year for the same driver profile.
Drivers in their 40s or thereabouts are in an ideal range of car insurance. This age group appears to get into fewer accidents than other age groups. So they typically get the lowest rates. Rates vary across companies and states. 40-year-old drivers in states like Idaho, Indiana, and Virginia pay less than $1,000 a year for full coverage policies. Drivers in the same age range in other states usually pay less than $2,000 a year for full coverage. Only four states – Kentucky, Michigan, Florida, and Louisiana charge more than $2,000 a year to 40-year-old drivers for full coverage car insurance.
Compare car insurance quotes for drivers with a DUI
If you get charged with a DUI, i.e., driving under the influence, your car insurance rate can increase up to 75% or more. So, if, due to any reason, you end up with a DUI, you will do well to Compare car insurance quotes thoroughly before settling on the best price. In California, a DUI can raise your coverage of $1,600 all the way up to $4,000. In Texas, a DUI can increase your coverage from $1,400 to $2,200.
Compare car insurance quotes for drivers with poor credit
Your credit history is one of the significant factors that impact your car insurance quote in all states, other than California, Hawaii, and Massachusetts. While poor credit can cause rates to double in some instances, it is important to remember that each insurance provider considers credit quite differently. This factor also fluctuates by state. Certain states ban the use of credit in setting car insurance rates.
Compare car insurance quotes for drivers with a ticket
If you manage to get yourself a speeding ticket, your car insurance rates will go up to about 25%. Again, the amount your rate goes up depends on the state you live in and your insurance provider. In California, a recent ticket will raise your coverage from $1,600 to around $2,350. In Texas, the same offense will increase your coverage cost from $1,400 to $1,700.
Compare car insurance quotes by make and model
Did you know that your car’s make, model, and even trim can affect your insurance rates? A car’s make means the brand of the vehicle, while the model points to the specific version of the vehicle. For instance, if you own a Ford Explorer, Ford is the make, and Explorer is the model. However, this is still a pretty broad classification. For insurance purposes, you’ll need to the age of the vehicle and the version/trim style that you own. Insurance companies classify three trim types – Standard, Sport, and Luxury. However, this is not the only aspect that can affect insurance rates. Your car’s body style also has an impact on cost. The three body styles that insurance companies classify include Coupe, Sedan, and Hatchback.
If you’re wondering why car insurance costs differ by make and model, here’s why. Car insurance premiums are calculated based not just on the risk offered by the driver and the vehicle but also on the cost of replacing/repairing the vehicle. If the cost of fixing your car veers to the higher side, you will have to pay more for coverage.
The best way to get accurate car insurance quotes is to use the Vehicle Identification Number, more commonly called the VIN. Your car’s VIN is a unique 17-digit code specific only to your vehicle. Your vehicle’s VIN provides insurers with all the information that they need about your car’s history. You’ll find the VIN on the driver’s side dashboard, where it meets the windshield. If you don’t see it there, check your vehicle’s title; it will usually be in there.
Why should I compare car insurance quotes online?
No two drivers are the same. Nor are their car insurance needs. Insurance companies factor in each individual’s risk factors to arrive at the most more accurate cost for their policies. That’s why insurance costs are as unique as you are, and that’s why comparing various car insurance quotes is one of the most critical steps in buying your car insurance policy.
Personal details such as where you live, the car you drive, your driving history, and your credit score are factored differently by car insurance providers to compute your car insurance rates. Each company has its own method/algorithm for setting rates. That’s how the same driver ends up with vastly different insurance quotes for the same vehicle from different companies.
You can have dozens of car insurance coverage choices and cost options in front of you and still be confused about how to proceed. That’s why Way.com offers a simple way to compare car insurance quotes by various insurance providers. We offer simple and free car insurance quote comparisons for all kinds of drivers around the world. We’ll give you free, reliable quotes and discounts from top-rated insurance firms in minutes! All that you need to do is compare these car insurance quotes and choose the one that is just right for you.