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What Affects Car Insurance Rates?

Have you ever wondered why your auto insurance rates are going up or down? Or why you live in a state with the most expensive premiums where other states could be significantly less? There are literally thousands of variables that affect these auto insurance rates. Below are some of the largest variables of the bunch.

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State Insurance System

Each and every US State have devised their own rules and regulations for auto insurance and furthermore their legal systems differ in how they treat legal claims all contributing to potentially the largest difference in premiums between states. For example Michigan's No Fault auto insurance provides the most benefits to injured drivers of any state in the US, it also has the most expensive insurance premiums. With double the national average in premiums are these added benefits worth it?

States decide whether they are no fault, at fault and what their expense recovery rules are including pure contributory negligence, pure comparative fault or modified comparative fault. These rules contribute to how much money an insurer pays out for claims. If these amounts are higher than other states, you can be assured your premiums will be higher too.

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The Natural Order

Where you live can also have a huge impact on your insurance rates. Not only the difference between rural and urban, but also whether you live in "Tornado Alley" or in a Hurricane zone, in winter weather states or by the ocean. All these items have their part to play in premium pricing. More claims due to extreme weather damage will increase your costs for comprehensive coverage. However, the congestion that creates more accidents in cities can also raise those rates as well. Conversely though, competition can lower rates in cities or larger population states where more insurance operators can compete for a share of the business.

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Then there's you

Lastly, all the factors surrounding your own life have an impact on insurance premiums. Do you get good grades in school? Is your career a dangerous one, or one that centers on driving a vehicle? Did you take driver's education or have a traffic violation recently? Whether you are male or female, married or unmarried, over 25 or over 70 or even if you have a good credit score can affect insurance premiums. Some you can control, others you cannot.

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The States With The Lowest And The Highest Car Insurance Rates

Posted on 22.01.2016

Car insurance is a quite big issue for car owners & if it is in the USA, then car insurance is a must to have while you are driving a car there. In the USA, it is easy to buy a car then maintain it. Timely car insurance is an important part of maintaining a car. Although, there are many other things as well while insurance is most costly and important one.

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Who gets the cheapest car insurance rates?

Posted on 4.02.2016

When we look at various ways to get an affordable yet qualitative car insurance rate, naturally it comes to mind who gets the cheapest car insurance rates. There are many ways by which you can get affordable automobile insurance and yet have a quality coverage on your car.

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How are auto insurance rates determined?

Posted on 11.02.2016

Owning a set of wheels is a thrilling prospect in itself, whichever age you may be. However before getting behind the wheels of the car, you need to show your responsibility as a driver too. The first and foremost responsibility starts with getting your car insured to protect it from theft, accidents and other unfavorable conditions.

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How to compare auto insurance rates and quotes effectively

Posted on 23.02.2016

When you buy a car, it is time for the next step to be taken. This means that you will need to know how to compare auto insurance rates and quotes effectively. By following a certain system of looking around for auto insurance rates and quotes, you can find the amount you need to pay and that too within your financial budget.

How to lower your car insurance rate

Posted on 10.03.2016

Once you have bought a car and added the upholstery, car radio, phone stereo and the works, it is time to save a little on your financial pockets. So while getting your car insured, why spend a huge amount of money? Scan your brain and think on how to lower your car insurance rate.

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