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How Is Your Car Insurance Premium Amount is Calculated

How Is Your Car Insurance Premium Amount is Calculated

Are you looking for the right car insurance policy for your vehicle? When you set out to compare these policies with the help of at least four or five car insurance quotes, you will see the rates differ across different insurance companies. Most of the time you wonder as to why have you been charged a higher premium? Why does your friend have to pay a lower premium than you, though both of you own the same brand of vehicle? If such questions continue to bother you, then this article is going to throw some light on the same.

Car Insurance Calculators to the Rescue

Before choosing a good insurance policy for your car, we highly recommend you to make use of car insurance online calculators. These are the tools that give you quotes from different service providers and help you to choose the right policy with maximum coverage.

When you use these online calculators, you have to fill up complete details of your car and your personal details such as your age and driving experience. These online tools will then come up with a list of options on your display screen within minutes. Thanks to these calculators, you can add or remove certain coverage to get a plan that is best suited for you as per your needs and budget. Whenever you buy/renew car insurance online, it is mandatory that you compare different options so that you get to choose the one that suits you the best. Never choose a policy by premium rates only. When a four-wheeler insurance plan comes at a very low cost, it should ring an alarm in your mind. This is because low premiums are directly proportional to minimum coverage only.

During a crisis such as an accident or third-party liability, you will be shocked to see that your insurance doesn’t cover you for personal injury or other damages. Hence, it is always recommended to choose a policy that provides you extensive coverage in case of an unfortunate event like an accident. Yes, these policies may cost you more; however, every penny you pay here is worth it, because it will provide you good returns in the future.

How Much Premium Should You Pay?

There is one straight answer to this question. Car insurance policies do not come with fixed premium rates. There are two main factors which decide the premium that you need to pay for the insurance policy of your car– your driving record and your car’s make/usage.

Here are some of the most important details that will decide how much your final premium works out to:

Age and Gender – Young people have to pay a higher premium because their driving is considered to be rash. People below 25 years are considered ‘young’, in these cases. Your Past Driving Record – If you have had a clean and accident-free driving record, you qualify for lower premiums from your service provider. However, if you were involved in any crashes or if you have made claims in the past, you have to pay higher premiums.

Make and Model of The Car – Luxury cars and other commercial vehicles qualify for a higher premium than budget cars and those used for personal use only.

Usage of The Car – If you use your car regularly, you have to pay a high premium rate. On the contrary, if you use your car only occasionally (once a week or so), you qualify for discounted premium rates.

These are only some of the basic points that decide the premiums that you have to pay. You can check car insurance premium calculators for more details on the same.

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