June 28, 2022

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The Most Important Factors to Consider When Shopping for Car Insurance

3 min read
Shopping for Car Insurance

Getting a good deal on car insurance could save you hundreds of dollars, and yet lots of motorists don’t know what to look for when the time to renew their policy rolls around.

To save you from this situation, here are a few of the most significant aspects to think about as you search for high quality, cost-conscious automotive cover.

Car Insurance
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Affordability

The price you pay for car insurance has to be within your budget, but that doesn’t mean you should choose the least expensive deal you can find. This could leave you without the right type of cover, which will come back to bite you when you need to make a claim.

Instead, aiming for an affordable package which is tailored to your needs is a far better tactic. Furthermore, by using sites like CheapInsurance.com you can easily weigh up the features and inclusions of different deals to find one which is within your budget.

When it comes to deciding on the cover you need, that’s down to you. Perhaps you are happy with basic liability insurance. Perhaps you’d prefer comprehensive cover to kick in and accommodate repair costs, legal costs and other expenses whatever trials and tribulations you face on the roads.

Whatever the case, only with research and careful calculations can you find out how much you can afford to spend, and how far your budget stretches.

Driving record & credit history

There are certain things which impact car insurance costs which are out of your hands, such as your age and where you live. However, some aspects which will raise or lower the cost of cover can be altered if you put your mind to it.

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First off, your driving record will obviously influence how much insurance companies will charge you for protection. If you have previously made claims in accidents, or been hit with convictions relating to motoring offenses such as speeding, then expect to pay more.

As such you are incentivized to drive safely and sensibly whenever you are behind the wheel. Stick to the rules and this will be reflected in lower insurance costs.

Then there’s your credit history. If you have a poor credit score, this is usually held against you by insurers, although a small number of states including California have ruled this out as a consideration in this context.

Building up good credit by paying down debt and sticking to repayment schedules is worthwhile not only to save on car insurance, but also to get access to all sorts of other financial products, such as mortgages.

Car type, value and ownership status

Lastly, the car you drive will determine the price of insurance. On the most basic level, expensive cars are slapped with higher insurance premiums, and vice versa, although there is more at play here.

More powerful vehicles, as well as those which are statistically more likely to be involved in accidents for other reasons, such as if they are preferred by younger drivers, could also be subject to cost creep.

Additionally, people who are leasing vehicles or have some other kind of finance deal set up to fund their purchase of a car could face steeper quotes for cover from mainstream insurers. Meanwhile if you are the outright owner of a vehicle, the opposite will be true.

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Again, it comes down to knowing what factors are shaping the quotes you receive, and understanding the extent to which they are within your control. This will help you to set your expectations and to know whether the deals you find are good or not.

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