1. Power
The more power our vehicle has, the more expensive car insurance will be. This is because insurance companies assume that the greater the displacement and the greater the power, there are more possibilities for accidents to occur.
2. Vehicle registration year
The older our vehicle, the higher our insurance premium will be. Therefore, second-hand cars will always associate higher insurance.
3. Risk of theft
The higher the risk of your vehicle being stolen, the higher the insurance price. For this reason, it is beneficial to incorporate anti-theft or vehicle location elements, if the theft of the vehicle occurs.
4. Vehicle accessories
Some of the accessories that the vehicle has made the price of insurance more expensive, such as spoilers.
5. Vehicle parking
The place where the vehicle is usually parked is also taken into account when calculating the price of a car. That is, we will pay less for insurance if it spends the night in a garage instead of out in the open.
Insurance price factors about the driver
Next, we will list some of the factors of the price of car insurance based on the characteristics of the driver himself.
1. Seniority
This is probably the most important factor by which the price of car insurance is calculated. The more years of experience a driver has, the lower the insurance price will be.
2. Driver history
It is another of the relevant factors when calculating the price of car insurance. It includes all the accidents that the driver has suffered, as well as the fines that he has received throughout his life. Those who have had more penalties or claims will pay more than people with a good record.
3. Points on the driver’s license
The more you keep the better. Many insurers give bonuses to good drivers, so if you still maintain your 15 points, they will surely offer you a good price for your insurance.
4. Age of the driver
Another aspect that notably influences the price of car insurance is the age of the driver. If you are between 18 and 25 years old, you will pay a higher amount for your insurance since this group has a higher risk of an accident. Now, this aspect is closely related to the driving experience, since most drivers between the ages of 18 and 25 are novice drivers.
5. Employment of the driver
Some professions have a higher number of accidents than others due to the large number of trips they carry out. This can also increase the price of insurance.
6. Place of residence
The place of residence of the driver is taken into account to determine the price of car insurance since insurers take into account the level of crime and accident rates in the environment of the owner’s residence.
7. Frequency of vehicle use
The use you are going to give the vehicle is also taken into account. Do you drive sporadically or daily? If you drive alone on the weekend, the chance of you having an accident is lower. However, if you do it daily, the probability will be higher and therefore the price of insurance will also increase. The greater the use, the more expensive its price will be. Likewise, this is an interesting option in the case of young drivers. One of the usual ways to lower the price of insurance is to become a second driver associated with another owner’s insurance. However, it must be taken into account that as long as the driver is not the owner of their insurance, it will be time of seniority that will not count when contracting own-owner insurance in the future.
8. Seniority in the insurance company
There will always be incentives or “prizes” for clients who have been with an insurance company the longest, as well as for people related to said clients, such as relatives, who could benefit from some discounts thanks to the seniority of the other person.
We hope that this article has helped you to know what are the main characteristics that you must take into account to calculate the price of your car insurance. We encourage you to consult our insurance comparator to find the option that best suits you.
