As we all know there are a variety of factors when it comes to the insurance rates that we get on our cars. I think the main factors for this are location, coverage, record, age and gender. First variable that actually makes a big difference is the location in which the driver has to get the insurance. I have been insured at almost identical times in my life in two different states, Massachusetts and Washington. With almost identical coverage I have got two completely difference pricing on my rates. Being insured in Washington I found insurance for 40 dollars a month. In Massachusetts the minimum I was able to find was around 112 dollars a month, almost 3 times as much as the Washington insurance. I can only assume that this is the same for other states as well. If you are in Texas you are going to get many different rates across the country and outside of the country you are sure to get a variety of different rates.
Another factor that has a big impact on your rates is your driving record. If you have a couple DUI’s and speeding tickets you can be sure that you are going to be paying a great deal more than your friends who have had a spotless record for the last 10 years. The thing with these big penalties is that you do not just have to pay for the $3000 DUI fine and attorney fees you are also going to have to pay for your increase in insurance rates for at least the next 10 years.
Another big factor in your insurance rate is amount of coverage that you are getting. This kind of goes without saying but is worth mentioning. Depending on how big your deductible is and the amount of damages you are insured for is going to make a big difference in the total cost of your car. Also another big factor in this is going to be the type of car that you are going to be insuring. There is obviously going to be a big difference between insuring a 1992 Camry that is worth 2000 dollars and a 2011 Ferrari that is worth 200,000 dollars.
The last things that go into the cost of car insurance are the age and gender of the driver. Like it or not if you a 16 year old male you are going to be paying a lot more than a 65 year old female, unless of course the 65 year old female was just given 3 DUI offenses. You can like this or hate this but the truth is that this there is a lot of data that says that if you are a 16 year old male there is a much higher chance that you are going to cause damage to your car. I think that this is one of the smallest factors and the other factors are going to greatly impact the cost of insurance for you and your motor vehicle.