Car Insurance too high? Here's what makes up your rate

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Between preparing for the big day and dealing with the fact that this will be the last person they will ever sleep with, married couples have to go through a lot before and just after they get married. Of course, one of the most surprising changes after saying "I do" is the fact that their car insurance rates decrease. That’s right, one of the top culprits - making up about 25% of the deciding factor - in determining anyone’s car insurance rate is their age and whether or not they are married. This bit of information only plays second to the driver’s record and claim history, sitting at 35%.

What does this mean exactly? Well, if you’re a teenage boy with zero infractions, your rate on average is about $2,500 a year, leading the pack in terms of rates. Add in two infractions, and we’re talking about doubling that rate to about $5,000 a year. Change that infraction-ridden scenario to a female teenager and we’re only talking about $2,100 a year. Before all you boys get your boxers in a twist; once you hit 25, guys get a 20% discount whereas girls only get 15%. All in all, an average American will pay about $1,560 a year on car insurance, averaging out about $80,000 in a lifetime.

Other factors that affect your car insurance rate include your car (older, boring, cheaper models pay less), your gender (sorry boys), and your insurer (not everybody offers the same rate), among other things. Check them all out in the image above to get a full picture and stay tuned for the next installment of ourCar Infographics series!


10 comments:

There were also instances wherein we’re not aware of the hidden charges. That is why it took so long before we discovered that these insurance companies took the advantage of marking up their rates.

One thing that I always do when dealing with my car insurance is that I always keep a record of everything about that one. That way, I can easily track my policies and determine how much I need to pay before hand.

Actually, the tricky part with dealing with may of these car insurance companies is that they are not always telling you what you want to know. Often, they have hidden charges that they wouldn’t want to let you know.

That is why many of car owners haven’t understand clearly which insurance company offers the best deal for them. Unfortunately, they really have to check on the rebates and the inclusion on the insurance package they’re subscribing.

Thanks a lot for this one, those are definitely a wonderful set of insights that you have. I never thought that I would see my car insurance this detailed.

Well, for one thing, getting a car insurance is certainly a good thing. But the price of this one is really going to be a pain in the neck, so it would be better to study your move first.

Well, that a good information you have there. It is a good thing to know the factors that makes our Car Insurance that high. In this way, both owners and car manufacturer can easily communicate in terms of insuring the car.

Well, that one definitely clears it up. At first, I thought that the only thing that I need to consider in the insurance. Now it seems that you really aren’t sure if the direction to take.

Of course, like other insurance! They should ensure their customer that it was secured. No matter what happen all will be kept confidential.

haha. So the graph have said it all! it seems that male teens gets the highest premium and get into crashes for around six times more than older drivers! And female drivers have sweet deal with car insurance!

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