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Ever wondered why your friend’s car insurance rates are different to yours? What happens is that insurance companies are deciding what to charge for car insurance, by basically trying to predict the cost of claims the insurance company will pay in the future.  By trying to perfect this science, over the years insurance companies have found a several factors that can be used as trustworthy signs of future claim incidents. Most of you know that the age of a driver and driving record directly affect car insurance rates; but there are more.  This article will discuss a couple of factors that many are oblivious of.

The make and model of the car you drive can play a major part in your car insurance rates.  Insurance companies consider the car’s crash ratings, cost of parts, safety features, theft data, among others.  A great resource for gathering theft data on cars is the National Insurance Crime Bureau.   You can find great information including the highest ranked stolen vehicles by state on their website at www.nicb.org.

Another factor is the location of where the vehicle is parked.  By compiling data on past claims, insurance companies can often find a pattern in the frequency and severity of car accidents by territory.  The contributing factors for this could be numerous.  For example, hurricane losses would be higher for vehicles garaged in the coastal areas.  Residents of areas that experience high occurrences of theft will find they are charged more for purchasing theft coverage on their car policy.    Therefore, where you live and garage your vehicle(s) can contribute to how much you are charged for car insurance.

These are just a few factors used to determine car insurance rates. Do note, not all insurance companies place the same weight on all of these aspects.  In fact, not all insurance companies use the same aspects when calculating their rates.    This is one of the primary benefits of using an independent agent for your insurance needs.  Independent agents represent several different insurance companies and therefore have the benefit of comparing rates for you to find the best rate for the best coverage. Call us today at 1 (855) 464-8273 for a Atlanta car insurance rate quote.

 

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