Key Factors That Affect Your Auto Insurance Premium

Cheap Auto Insurance in Orlando Florida

If you’re in search of cheap auto insurance in Orlando Florida, the first step is finding out exactly what factors affect your premium. The better your understanding of how the auto insurance industry works, the better your chances of saving money on insurance expenditures. Here’s a look at some of the factors that insurers use to determine what you’ll pay for a premium:

Your Age

Insurance rates tend to be higher for the old and young, because statistics indicate these age groups are at much greater risk for an accident.

Your Claims History

The less claims you make, the lower your auto insurance premium. Insurance companies are more hesitant to insure those who have made claims on multiple occasions for fear the trend will continue.

Your Credit History

Studies indicate a direct connection between your ability to pay back debts and your level of risk while out on the road.

Your Address

Fair or not, your home address affects how much you pay for auto insurance. Factors like crime rate play a key role in determining final insurance costs.

Your Marital Status

History indicates that married individuals are at lower risk for accidents than singles, and this shows in insurance premiums.

While assessing where you fall in the aforementioned categories will give you an idea of whether you can obtain cheap auto insurance in Orlando Florida, you’ll want to check with your agent for specific premium rates and information.