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Why Is My Auto Insurance Quote So High?

Have you been shopping around for insurance and been stymied by how high the quotes are? If so, we can probably help you pinpoint the issue. We’ll cover several of the most common reasons for expensive car insurance quotes, including:

  • The demographic factors that insurance companies look at
  • The type and value of the vehicle you’re insuring
  • Your driving history
  • The type of insurance coverage you want and your insurance history itself
  • Whether or not you’ve comparison shopped adequately

Once you have a better grasp of how these things can affect your insurance rates, you’ll also have a good idea of how to lower your costs!

Some Of These Factors Are Within Your Control, Some Are Not

It’s important to realize that you are able to exert some control over your car insurance costs, like choosing a car that will be less expensive to insure and driving defensively so that your driving history is clean. However, there are other factors that are unfortunately outside of your control. You can’t change your age, after all, nor can you control nationwide statistics that might have an effect on prices. 

Your Age

Your age is one of the biggest factors in how much your car insurance is. Why? Because statistically, age is one of the best predictors of whether or not you’ll get into an accident. Very young and very old drivers tend to pay the most; middle-aged drivers, especially those who are old enough that their children are grown, pay the least. 

Your Location

Your location also matters a great deal. Why? Because different areas of the country have different accident rates. If there are more claims in your area, your rates are likely to be higher. Likewise, your rates will be higher in high crime areas. Density also plays a role, because the more cars there are, the higher the chance of an accident. Even the unemployment levels in your area affect coverage costs, as areas with high unemployment can have higher under- and uninsured drivers. 

The Type of Vehicle You Drive

The more it’s going to cost to fix your car, the more expensive your insurance is likely to be. That means that pricier cars equal pricier premiums. Additionally, certain makes and models are popular with thieves—if your car is statistically more likely to be stolen, your insurance rates are bound to be higher. 

Driving Record

As it turns out, people who are poor drivers have a much spottier driving record—and a spotty driving record is another good predictor of whether or not you’ll need to file a claim. So it should come as no surprise that once you’ve been labeled a high-risk driver, your premiums will go up. 

Your Insurance Coverage

There’s really no such thing as a “standard” policy anymore; you can customize your policy with all types of different coverage amounts, deductibles, and so forth. And of course, all of these can have an effect on the cost. While everyone should have at least the state minimum coverage, it’s usually worth your while to have more than that—and it costs money.

Have You Comparison Shopped?

Finally, all else being equal, your carrier matters. If you just bought insurance from the first company who gave you a quote, you’re almost certainly paying too much. Why? Because even though these factors are similar across the board, different carriers use slightly different calculations to determine price—and one of them is bound to be the best for your particular circumstances. To find them, though, you’ll have to shop around.