{"id":2233,"date":"2023-11-30T22:39:00","date_gmt":"2023-11-30T22:39:00","guid":{"rendered":"https:\/\/thewealthcircle.com\/?p=2233"},"modified":"2023-12-02T13:11:26","modified_gmt":"2023-12-02T13:11:26","slug":"why-is-car-insurance-so-expensive","status":"publish","type":"post","link":"https:\/\/kiiky.com\/wealth\/why-is-car-insurance-so-expensive\/","title":{"rendered":"Why Is Car Insurance So Expensive?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
Are you one of those who think there is no justification for why their car insurance should be expensive? Just like every other cost, car insurance seems to be the order of the day and even higher than the average inflation rate. <\/p>\n\n\n\n
There should be a good reason it is so. Therefore, in this article, you will see what determines your car insurance rate and what you can do to cut it down. <\/p>\n\n\n\n
So, relax and read this article to understand what determines your car insurance.<\/p>\n\n\n\n Car insurance is an agreement between you and an insurance company to indemnify you against monetary loss when accidents or theft happen.<\/p>\n\n\n\n Such insurance company agrees to bear part of your losses as included in the terms.<\/p>\n\n\n\n There are several factors that determine how much you pay for your car insurance. They are:<\/p>\n\n\n\n An insurance company gets in the know of your driving history before insuring your car.<\/p>\n\n\n\n This history includes all accidents you’ve had in the past, how many times you violated traffic rules, and speeding tickets too.<\/p>\n\n\n\n The safer you drive, the less tendency it is for you to involve in an accident but if your driving history is nothing but misfortunes, it will be difficult to get cheap car insurance.<\/p>\n\n\n\n There is a widely accepted claim that how bad you are at paying back the loan you collected tells on your driving skill. <\/p>\n\n\n\n The location where you live has a huge effect on your car insurance. <\/p>\n\n\n\n For instance, if you live in a place where a lot of accidents are recorded or are dense, you could pay a higher amount for your car insurance than those who live in a place with fewer accident records.<\/p>\n\n\n\n Related: 5 Best Student Travel Insurance: What It Covers And Why I Need It.<\/a><\/p>\n\n\n\n You are most likely to pay a higher cost for car insurance if you are under age 25. This is because younger folks involve more in accidents.<\/p>\n\n\n\n Also, those who are above age 69 encounter many risks of accidents. <\/p>\n\n\n\n There are only three states (Hawaii, California, and Massachusetts) that do not need your age to determine how much you will pay for car insurance. However, the rate may fluctuate in the long run.<\/p>\n\n\n\n Below is a chart for car insurance for those under age 25 and above age 69 by different insurance companies.<\/p>\n\n\n\nTable of contents<\/h2>
What is a Car Insurance?<\/strong><\/span><\/h2>\n\n\n\n
What are the factors that affect my Car Insurance?<\/strong><\/span><\/h2>\n\n\n\n
#1 Driving Record<\/span><\/h3>\n\n\n\n
#2 Your Credit History<\/span><\/h3>\n\n\n\n
#3 Where you Live<\/span><\/h3>\n\n\n\n
#4 Age<\/span><\/h3>\n\n\n\n