With an increasing amount of Insurance Companies promoting themselves in the media, it’s becoming more difficult for consumers to choose a car insurance policy that’s going to be suitable to their needs and lifestyle requirements.
Many choose the cheapest policy available, but fail to check the conditions associated with that policy. Like many things, purchasing the cheapest product doesn’t mean you are getting the best policy available and many find that they aren’t covered for items they thought when claiming. As Car Insurance Companies base their cover on many different factors, it can be frustrating to know who to go to and what cover to take.
So what are the factors that determine a suitable car insurance policy?
Your Age
Your age will determine what car insurance premium you pay. Young drivers aged between 17 to 25 account for 23% of all driver fatalities and are at least 50% more likely to be involved in a fatal crash. As the risk of accident is greater, Car Insurance Companies charge higher premiums, whereas drivers aged between 50 to 65 years of age have driving history so generally receive discounted insurance premiums.
Gender
Generally female drivers are considered safer drivers than males. Insurance statistics have shown that younger male drivers are more likely to take risks when driving, purchase high performance vehicles etc. As drivers get older car insurance premiums level out to a similar amount.
Post Code
Post Codes determine Car Insurance premiums. People who live in densly populated areas may pay more for their insurance due to the increased risk of having accidents than those who live in rural areas. Insurance companies will also factor the rate of vehicle theft in a specific postcode, which can increase the amount you pay.
Driving Experience
A driver who has experience driving will receive a lower premium than someone who has just obtained their licence. Having previous insurance history also helps in reducing the premium amount payable to insurance companies.
Vehicle and Purchase Amount
The vehicle will determine the insurance premium amount. The purchase amount, age of vehicle and type determine what insurance companies charge. Cost of repairs, parts, popularity of the vehicle and replacement can determine premiums payable.
When choosing Car Insurance it’s worth to shop around different insurers to make an informed decision on a policy that’s suitable to your needs and budget. Check the policy details including the insured amount, excess payable, included extras and exclusions. This will ensure you choose a car insurance policy that’s tailored to your requirements.
iCREDIT Insurance Solutions source and compare competitive car insurance through a panel of accredited insurers. Please ensure to check the PDS to ensure any insurance product you choose is suitable to your needs and objectives. You can obtain a copy of the PDS by contacting iCREDIT Insurance Solutions on 1300350118