Factors that determine your insurance premium

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There are various elements that will influence the ultimate amount you will have to pay for your vehicle cover. Ever one is a criteria based statistic used by insurers to ascertain the level of risk you pose for them. The higher risk you are to insure, the more your premium will be. Aspects that will influence the risk associated with insuring the driver is the gender of the driver, the distance travelled during the year, the purpose of the vehicle - say for using the care to commute to work or actually using the vehicle for work, etc.

It is a proven statistic that drivers under the age of 25 are at a greater risk of being involved in an accident, than those drivers over the age of 25. Drivers between 50 and 65 are generally drivers with the safest records. It is only natural then that the insurance companies will adjust the premiums to suit the level of risk. While women are considered safer drivers, the trend is changing as more female drivers take to the road. Where the driver lives will also determine the premium, as areas with little traffic poses a smaller risk than congested cities and suburbs. One neighbourhood may also have a higher rate of vehicle thefts, which may cause a higher premium.

If the driver has a record of accidents or driving under the influence of alcohol violations, the driver is classified as a high risk to insure and it will reflect in his or her premium. A cheaper model vehicle will cost less to insure than a more expensive one would. The level of coverage desired will determine the amount of your premium. Insurers, in the past, have associated the occupation of the driver with the level of risk with insuring him or her. A person working as a fast food delivery guy faces a higher risk of being involved in an accident than an office worker who spends most of his day off the roads. If the driver has a record of not filing any claims for a number of years, insurers will normally reward the driver with a lower premium. Adding a tracker system to your car may result in a short term expense, but may drastically add to a reduction in the quotes from various insurers. It may benefit you in the long run to invest in a proper tracking system.

Prospective clients looking for an insurance company that will offer them the best quote should shop around and compare premiums from different insurers. There are plenty of websites dedicated to supplying customers with a range of quotes from many of South Africa’s top insurers. You simply need to enter your information once to be supplied with instant quotes that will enable you to make a well informed and educated decision regarding your insurance needs

Article Source: http://depositarticles.com/

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