If you received a quote that seemed higher than usual, there are a number of reasons why this could have happened. Car insurance is a lot like every other monetary service – you’re evaluated based on risk factors that can hurt or harm your chances of getting a low estimate in Oconomowoc and Milwaukee, WI. Read more to find out the main factors that contributed to your quote:
Credit score
It may be hard to believe, but a bad credit score will send your car insurance rates through the roof. Why? Insurers want to know they are dealing with someone who operates safely. They often view bad credit as high-risk.
Driving history
If you have a spotty driving history, chances are your car insurance may be a little higher than the norm. Accidents that were your fault? DUIs? You’re going to regret them when your quote reflects all those poor driving habits.
Claims
Are you known for filing a large number of claims? Rest assured, the insurance company is looking at that. The last thing they want to do is pay (even though that’s what they are there for).
Vehicle type
Are you living your life vicariously through your sportscar? You’ll pay for that. Cars deemed high-risk for theft, those with high horsepower, and cars that are high in value also have high insurance coverage rates attached to them. If you’re trying to avoid that, look for a car that’s deemed safe and reliable.
Location
Where you live also plays a huge role in your rates. In this case, zip codes do matter. You could live one street over from a “safe” zone and have to pay higher rates because of the number of thefts or high-valued cars in the area.
Age
Auto insurers take special precautions when insuring younger drivers. That’s why they give discounts for students in school, good grades, and other incentives to help bring the cost down. Young males are especially difficult to insure because the rates are automatically higher.
Marital status
Getting married soon? Already married? Your rates should be quite reasonable. Insurers give huge discounts to married couples – not just because it’s usually two policies, but because they see that as a responsible gesture.
Even with all of these factors involved, each insurer has their own formula on how they come up with these rates. That’s why it’s important to work with an agency that understands these intricacies and works with you to locate the best rates.
Are you tired of wondering why your rates are not the best? Who wants to go through the hassle of going through tons of insurers because you can’t afford it? Let the pros do the work for you! Long & Company has been serving the community, creating happy customers along the way. Are you ready to be one too? For more information on getting rates that won’t break your pride or your budget in Milwaukee and the surrounding areas, give us a call today!
