March 24, 2021
What drives your insurance price up!
Do you understand what drives the cost of your automobile insurance? There are several factors but credit score and driving history are the two main ones.
Credit-based insurance scores are based on age -16-year old’s pay 379% more than 55-year olds.
Gender – women pay 5% more than men.
Marital status – married drivers pay 3% less than single drivers.
Mileage – driving 20k miles per year costs 6% more than driving 7.5k miles per year.
Coverage levels – full coverage costs 178% more than minimum coverage. I do not recommend minimum
coverage except in very limited cases.
Driving Record Statistics:
Drivers with a DUI pay 103% more than drivers with a clean record.
1 Speeding ticket ups your rates 27%
1 reckless driving ticket ups your rate 89%
1 not at fault accident ups your rates 4%
1 at-fault accident ups your rates 50%
1 red light infraction ups your rates 23%
Suspended license ups your rates 97%
Information provided by WalletHub
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