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Spanish5 Factors You Might Not Know Are Raising Your Car Insurance Rates
Insuring your new or used car purchase can be expensive, particularly if you have a poor driving record or have a teenaged driver in the house. But there are other less obvious factors that can lead to a significant car insurance premium increase for Indianapolis drivers. Learning what those factors are, and taking control now, can help you save thousands over the life of your car, something that Indy Car Finance is committed to helping our neighbors do.
Factors that Will Increase Your Car Insurance Premiums
Some factors that can increase your insurance are obvious – long commutes, poor driving habits or driving something vintage. But there are other factors that can cause your rates to skyrocket that may surprise you:
- Bad Credit – Many insurers assume that if you’re a credit risk, you’re a driving risk as well and will charge you accordingly.
- Your Car’s Horsepower – Actuaries consider the power output of your engine when they insure you. High horsepower is a red flag and they will assume that if it can go fast, it will.
- Your Level of Education – People with more education have been found to make fewer insurance claims, leading insurers to charge more to drivers with less education.
- Your Job – People with white collar jobs are considered lower risk and can receive reduced rates over people with blue collar jobs that can be considered more hazardous
- Your Zip Code – Insurers base rates on the number of claims for your particular area. Urban areas with a higher number of claims will generally incur higher rates than rural areas with fewer claims.
It’s also important to note that while they are mostly used to calculate life and health insurance, hobbies can affect your auto insurance as well. If your insurer believes you take risks in your personal life, they may feel that you’ll also take risks on the road.
Buy a Safer Car With Indy Car Financing and Save on Your Insurance Every Month
For great financing on safe cars less vulnerable to car insurance premium increases, Indianapolis drivers can contact Indy Car Financing online or at (855) 468-6215, or come see us at Speedway Chevrolet located at 5252 W 38th St in Indianapolis to schedule an appointment today.