“What affects my Albany auto insurance premium?” can be a tricky question.
Today, complex computer systems that rely on actuarial studies determine your premiums with hundreds of factors coming into play. Though each company has its own factors that weigh more heavily than others, we are going to discuss the consistent and major factors that impact your Albany auto insurance premium.
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There are five factors that you can control for your Albany auto insurance premium:
#1:The make and model of your car. When purchasing a vehicle, you may want to consider what impact it will have on your pricing. As you can imagine, sportier, more expensive cars are more expensive to insure.
#2: Your credit. Insurers now look at your overall credit when generating premiums. This is called your insurance score. People with higher credit will have lower insurance scores, which translates to lower pricing.
#3: Vehicle usage. Are you using your car for pleasure or to commute back and forth from work? Maybe for business? If you’re using the vehicle to commute or for business purposes, your rates are going to be higher than someone who uses his/her vehicle only on the weekends.
#4: Prior insurance history: Most companies surcharge if you have not maintained continuous insurance. Companies also frown upon individuals who switch their insurer every year so they give discounts to loyal customers.
#5: This is the biggie and no surprise here… your driving record. The cleaner your driving record, the lower your premium. If you have an at fault accident over $2,000, insurance companies can surcharge your policy for 39 months. The same theory applies to any tickets you receive with alcohol related incidents being the priciest.
And then there are there are four factors that are generally out of your control.
First is your age. Insurers do not favor young, inexperienced drivers. They consider anyone under the age of 25 to be an inexperienced driver so those drivers will automatically start with higher insurance premiums.
Secondly, insurers apply lower rates to female drivers. Statistics show that males are more likely to be involved in accidents than females. Believe it or not, marital status also plays into your premiums. Married drivers are less likely to crash than their single counterparts.
Lastly, where you live makes a difference. If you live in Schenectady versus Voorheesville, for example, your rates could be slightly higher because of higher vehicle theft rates.
As part of LiveSECURE 365™, The Murray Group is committed to bringing security to our partners lives. Through our LiveSECURE video series, we provide you with valuable tips and advice that you can apply in your daily life. Visit our website to watch all videos in the LiveSECURE video series.
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.