Car Insurance Prices Variables
We do know that we want to reduce the cost of our insurance as much as possible, but the truth is that to do it accurately we all need to understand what variables might include in the cost of our policies and how to try to negotiate with our car insurance company to reduce the final premium value but without compromising our safety or most needed coverage. In this sense, we will explain the main points used to calculate car insurance premiums.
One of the most relevant aspects that influence the cost of your car insurance service is, in fact, the model of your car. Most the companies try to hide their calculating systems but there are several databases used to estimate insurances prices based in your car’s year, model and make.
For example, the cost to ensure older vehicles is significantly lower due to the availability of components, in contrast to newer vehicles which parts are more expensive. Turbocharged cars will also be more expensive in case of damage, therefore their insurance premiums will be more expensive as well.
Secondly, your driving history a tremendously important role in the quotation for your insurance. It is estimated that drivers being involved in accidents tend to pay as much as 40% in their premiums. So, if you are a good driver it is more likely that you might receive special discounts for your good driving habits. Moreover, the number of claims you make, regardless of you caused the accident or not, are considered in your premium offer.
But it does not stop there. In fact, your personal details such as gender, age, and occupation are also considered when calculating your insurance costs. Those drivers below 25 pay a higher premium than their older counterparts as they are believed to be more reckless. Following this line, inexperienced drivers with less than two years behind the wheels are being charged more as they are more susceptible to accidents. Another important aspect is occupation and if you only drive your car to the office for your transportation and not for work related purpose eg Outdoor Sales, you are considered to be safe drivers and in most cases, you will receive a lower offer from the car insurance company.
If you are thinking on changing your car insurance company to one that does not have hidden costs and explains to you in details of the policy, we invite you to start to change the way decide on your car insurance purchase in Singapore right now, request your personalized offer and start gaining the peace of mind you need.
Get a car insurance quote now.
