Skip to Content
chevron-left chevron-right chevron-up chevron-right chevron-left arrow-back star phone quote checkbox-checked search wrench info shield play connection mobile coin-dollar spoon-knife ticket pushpin location gift fire feed bubbles home heart calendar price-tag credit-card clock envelop facebook instagram twitter youtube pinterest yelp google reddit linkedin envelope bbb pinterest homeadvisor angies

Factors That Affect Your Car Insurance Premium

The man filing a car insurance claim after a collision in Palm Bay, Florida

Reviewing the details of your car insurance premium is a complex process that can be confusing to understand. Fortunately, as a leading car insurance provider in Palm Bay, FL, Advanced Insurance Net is here to eliminate the guesswork. We’re your guide to understanding the factors that affect your car insurance premium and car insurance increases after claims.

Empowering Motorists in Palm Bay, FL

Car insurance rates are based on far more than just the type of vehicle you drive. Advanced Insurance Net believes in empowering our customers by shedding light on the intricacies of car insurance rates. This knowledge grants drivers access to key information that guides them in making informed decisions regarding their coverage and policies.

What Determines Car Insurance Rates?

Car insurance rates vary from one individual to the next. The key factors that influence one’s car insurance premium include:

  • Driving record
  • Vehicle safety features
  • Credit score
  • Location
  • Motorist’s age and gender
  • Vehicle make and model

Your Driving Record Will Follow You

Car insurance application form with car model in Palm Bay, Florida

Traffic violations and at-fault accidents play an integral role in your car insurance premium. Insurance companies review the last three to five years of your driving record before agreeing to insure you. Insurance can be challenging to find and expensive to secure for those with an extensive track record of at-fault accidents and violations.

Coverage Selection

There are options for car insurance coverage. However, it’s important to note that cheaper prices may result in minimal coverage and higher out-of-pocket costs down the line. Types of coverage include the following:

  • Liability insurance
  • Uninsured motorist insurance
  • Collision and comprehensive coverage
  • Collision for accident repair expenses
  • Comprehensive for theft, fire, and natural disasters
  • Medical expense coverage

Car Insurance History

Your car insurance history is a prominent factor in car insurance premium costs. First-time drivers seeking insurance can anticipate higher costs. This is due to new drivers not having a record that the insurance company can assess to evaluate their risk.

Coverage Gaps

Drivers who had insurance but canceled their coverage or skipped payments, resulting in insurance termination, may face coverage gap costs. Insurance companies view coverage gaps as a risk, leading to heightened rates. This can be avoided by opting for non-owner insurance.

Your Location

Location matters for car insurance. Metropolitan areas face higher rates due to elevated claim risks. The climate also plays a role, as zip codes such as Palm Bay, FL, are at risk of inclement weather. Additional location factors include local car repair costs, the commonality of auto accident lawsuits, and the cost of medical care.

Additional Car Insurance Pricing Factors

There are additional car insurance premium factors that may be applied to your rate. These non-driving factors include:

  • Whether you own property
  • Your marital status
  • Education level
  • Occupation
  • Gender
  • Age

The Challenges & Consequences of Rising Insurance Premiums

Rising auto insurance premiums are sparking new challenges amongst Florida motorists. Even basic coverage has become financially straining. This leaves many motorists to forfeit insurance, exposing them to significant risks. With the growing number of uninsured motorists, there is a higher chance of a claim dispute in the event of an accident.

Impact on Economy

Rising auto insurance rates impact more than the safety and finances of local motorists. This issue is widespread, gravely affecting the Florida economy. Businesses that require transportation now face higher costs, which translates to higher prices for their consumers, offsetting the economy and contributing to inflation.

How To Save Money on Car Insurance

To protect your wallet from burdening car insurance, there are several measures you may consider adopting. To save money on car insurance, we recommend:

  • Combine your car and home insurance policies to earn reductions.
  • Choose a higher deductible plan.
  • Preserve a clean driving record.

Maximum Protection, Minimal Hassle

For the best coverage and affordable policies that bring value to your life, rely on our experienced team at Advanced Insurance Net. For over 30 years, our professionals have provided Palm Bay, FL, residents with quality auto, home, recreational vehicle, and natural disaster coverage, ensuring maximum protection without hassle.

Secure Your Best Car Insurance Premium with a Call

It’s time to say goodbye to costly premiums that hold you back. Look no further than Advanced Insurance Net for comprehensive coverage and premiums that suit your needs. Contact our friendly team today to explore our coverage plans and learn more about “What is a car insurance premium.”

Get a Free Insurance Quote Today!