How Much Will Your Car Insurance Be?

How Much Will Your Car Insurance Be?

Curious how much your car insurance will be? Insurance Premiums are based on your risk level. And depending on the type of insurance you’re looking for, there are a number of factors that will determine your premiums. Here are just a few most important ones.  

Your Gender

Gender often can affect a risk profile used to determine insurance rates. Women with good driving records tend to find lower rates than men of similar circumstances. Why? Because studies have shown that on average, men get into more accidents and drive more recklessly. Sorry guys!

Your Age

Age will also matter. New drivers are considered inexperienced, and older drivers are also considered a risk because of age. So if you’re over 65 or under 21, don’t be surprised if you’re offered a higher premium.

The Type of Car You Drive

The car you own can also impact your insurance rates. Older cars with high safety ratings will come with lower premiums. Vehicles that are on the “Most Stolen List” will tend to come with high rates too due to the risk of theft. The more you know about your make and model, the better your chances will be at negotiating a good rate. Cars that have 2 doors as opposed to regular 4 are considered to be sports cars and have higher premiums too. Even the colours matter!

Your Past History

If you have an excellent driving record, you’ll likely get to enjoy lower premiums. However, if you’ve had speeding tickets in the past or claimed a mishap, your insurance rates could rise.

Do You Plan To Offer Ridesharing?

If you plan to drive for Uber or Lyft, you will likely need to add extra insurance coverage to protect you and your passengers. Today, there are a number of options for ridesharing drivers. Extensive coverage plans will give you an extra layer of protection and help you to avoid any potential lawsuits. Some insurance providers will include this coverage at no extra cost if you are already signed up for one of their other auto policies.

The Type of Policy You Need

Do you only need auto insurance for yourself, or do you require coverage for multiple family members? Do you also need home insurance, boat or RV insurance? You may be able to save big by taking advantage of a multi-policy discount. Whenever you need insurance for more than one asset or person, it makes sense to ask if it’s possible to bundle your policies together.

The Insurance Company

No two companies offer the same policies. The coverage and cost can widely differ between insurance companies. That’s why it’s important that you shop around for a policy that suits your needs and lifestyle best. Even if you already have a policy with an insurer, it’s wise to talk to an insurance broker who can get you quotes from several other companies to ensure that you’re paying the best rate for your driving record.

Regardless of your gender, age, or history, we’ll help you get the best rates on the market! At MLS, we don’t work for one particular insurance company. We are a team of brokers who can tap into all the best policies to get you the coverage you need based on your lifestyle and financial situation. Contact us today to get the best auto insurance coverage at the lowest rates around.

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