What Determines Your car insurance Rate?
Of course, every of us is looking for low-cost protections for our cars, and in most cases, our car insurance quote would be largely affected by the following two factors: coverage types and deductible. car insurance deductible refers to the amount that the drivers have to pay towards car repairs or replacement before the insurance company covers the loss.
For instance, let’s say you get involved in an accident which causes $5,000 worth of damage to your vehicle and your deductible is $500 (that is the standard deductible amount for car insurance), then you just need to pay $500 towards the car repair and your insurance company will make up the remaining $4,500. In general, the lower your car insurance deductible, the higher insurance rates. Thus, many people choose raising the deductible to lower insurance price.
Besides the two key factors we talked above, there are many other aspects that affect your car insurance quotes, such as the type of your car, your age, sex and driving record, your credit score, and even where you frequently drive to or park your car.