At Wolfgram Insurance, coverage comes first. However, we also understand that nobody wants to pay any more than they have to. So we help customers find the best value every day. One thing that we do is match drivers with an insurance company that will offer the most favorable quotes for the coverage they need. In some cases, insurance quotes can vary by hundreds of dollars for the same amount of coverage. That is because insurance companies consider many different variables when calculating an individual’s premiums. Continue reading to learn some of the factors that could be affecting the cost of your coverage.
Your Past Claims
How many claims have you made against your car insurance in recent years? This is heavily factored into most car insurance quotes since a history of multiple claims could be a sign that you will continue to make additional claims in the future. Insurers obtain this information in your CLUE report, which shows claims as far back as 5 to 7 years – including claims that have been denied. Believe it or not, insurers tend to care much more about the number of claims you make than they do the cost of those claims. While you may not be able to undo the past, old claims will eventually no longer count against you. In the future, you can help keep your claims to a minimum by only filing for major damages or accidents involving injuries or liability. Minor damages that cost less to repair than your deductible are usually better paid out of pocket.
Your Credit History
Whether you have good credit, bad credit, or no credit, your finances can be an integral part of the price you pay for coverage. People with bad credit often pay much more for coverage than those with a good history of paying creditors on time and carrying minimal debt. Studies have linked poor credit management with an increased risk of filing car insurance claims. If you have negative marks on your credit report, rest assured that most will become less relevant over time, eventually aging off your credit report altogether. If you are not already working with an independent agent here at Wolfgram Insurance, you should also give us a call to find out if we can match you with an insurance company that could be more lenient towards your financial history.
Other Factors that Affect Car Insurance Premiums
There are many more factors at play in your car insurance premiums besides your claims and credit history. Insurers may consider all or only some of them when calculating quotes on your coverage. Examples include:
- Your age, gender, and marital status
- Whether you own your home
- The make, model, and year of your insured vehicles
- The cost to repair or replace your vehicle after a claim
- The safety features your vehicle is equipped with, such as airbags or anti-theft devices
- The number of miles you drive your vehicle each year
- The primary purpose you use your vehicle for
- The age of the drivers on your policy (Young drivers tend to pay more for coverage)
- Past traffic citations
- Where you live and park your car
- And more
Get a Competitive Rate
Car insurance does not have to be expensive – even if you have negative factors in your risk profile. Here at Wolfgram Insurance, we can help you compare rate quotes and discounts from multiple carriers until you find the one that is most favorable toward your individual needs. Call us today for more information. We look forward to serving you soon.