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Learn more about auto Insurance deductible and Premiums
Check with your agent or the company on how much it'll cost to insure the car or truck you want to buy. More expensive and high-performance cars and trucks generally cost more to insure. Make sure you can afford both the auto loan payments and the auto insurance premiums.
The higher your deductible amount, the lower the premium you'll pay. For example, if you raise your collision coverage deductible to $1,000, it'll decrease your premium, but keep in mind that you’ll have to pay the deductible amount if you submit a claim. It's a good idea to strike a balance between premium cost and a deductible you can afford to pay should you need to use your coverage.
Young drivers who have good grades or who've finished a driver’s education course may qualify for a discount. Many companies offer a discount on your auto premium if you also insure your home through the same company. Some companies offer accident-free discounts the longer you have your policy with them.
If you don’t think you could afford to pay out-of-pocket for repairs to your car if you were involved in an accident, you might want to think about adding collision and comprehensive coverage to your auto policy. If your car's older and not worth very much, you may want to consider if the cost of adding collision coverage is worth the potential benefit.
If you have good medical coverage under another plan, you may not need personal injury protection (PIP). If you routinely carry passengers who may not have other medical coverage, you may want to consider buying it.
In some state insurers cannot use your credit scores to determine how much you pay for auto and homeowners insurance. If your company is charging you more, shop around. Companies have used credit scoring for two decades, so now is the best time to find a better deal.
Auto insurance companies look at a variety of factors when setting auto rates to determine your premium.
An auto premium is the amount an insurance company charges you in return for auto coverage. To determine how much your company will charge you (and others who have the same risk), it looks at rating factors.
Insurers can base rates on certain factors that affect risk, including:
Your age
Your gender
Marital status: Insurers must consider domestic partnerships the same as married couples for rate purposes
Your vehicle: Generally, the more expensive your vehicle, the more you pay for insurance. Also, because sports cars and high-performance cars are involved in more accidents, cost more to repair, and are stolen more often, they cost more to insure.
Where you live: Population density, crime and driving conditions, for example, affect risks
How much you drive
Your driving record and your claims history
Insurance companies may send every state for rate requests, when they want to change their rates.
Before state govt decide to approve or disapprove the request, They state govt may review the rate request to make sure the company's financial and statistical data are accurate and sufficient to justify the rate change.
Insurers cannot use your credit scores to determine how much you pay for auto and homeowners insurance. If your company is charging you more, shop around. Companies have used credit scoring for two decades, so now is the best time to find a better deal.
If you have existing auto insurance, first check with your agent or company to see if they offer special discounts and talk about how much coverage you need.
Premiums for the same coverage vary from company to company. You can buy insurance online without using an agent. Make sure the company is licensed to do business in your state.
Premiums can vary dramatically based on the type of auto you own. Before you buy an auto, check with your agent or ask the company how much it'll cost to insure it.
The amount of the deductible you select affects your auto premium. You may save money by raising your collision and comprehensive deductibles. Ask your agent to compare costs between plans with higher deductibles.
If you have a low-value car that's paid off and you can afford to fix or replace it yourself after an accident, collision coverage (damage to your car due to colliding with another car, fence, building, etc.) may not be worth it. Liability coverage, however, is required in Washington state.
Your coverage may overlap in some areas, such as medical and collision. Ask your agent to explain your coverage and ask if you’re duplicating coverage.
Airbag and automatic seat belts
Anti-lock brakes and anti-theft devices
Two or more vehicles on a policy
Insure your home with the same company
Senior safe-driver discount, especially if you take a safe driving for seniors course
Mileage driven
Good driving records
Good-student discount for young drivers
Young driver away at college without a car
Insurance Deductible and Premiums Insurance Covered and Charges Your rights and claims