It may be difficult to find, but it is possible to find affordable insurance coverage without breaking the bank.
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Factors that Affect Car Insurance Premiums
Among other things, most insurance companies will review your driving record before factoring in other considerations. Before you blame your bad record entirely for the high price, learn more about what other details insurance companies review before quoting a price:
- Gender and age
- Location of residence
- Make, model, and condition of the car
- Credit history
- Marital status
- Lapse in previous coverage
Though insurance companies use various factors to determine the final premium rate, a bad record will almost always prompt higher expenses.
Especially if you are a driver with a bad record in an area that has a high volume of accidents, the premium you receive could be more than most can afford.
Here are some valuable tips that will help you find a reasonable insurance plan even if your current driving record is not the best.
Tip #1: Save Money with Minimal Coverage
Depending on your state, there are different requirements for minimum liability coverage.
If you have a bad driving record, most major insurance companies will consider you to be a high-risk policyholder, so in order to save money, you can choose to purchase only the bare minimum of coverage required by your state.
For instance, some states require that all drivers have uninsured or underinsured motorists’ coverage, but many do not.
Many drivers believe that a high number of violations, accidents, or claims will keep them from getting approved for future insurance. This fear prompts them to pay any price given to them because of the worry about not finding another company.
Typically, insurance companies will charge a significant amount more for drivers with a bad record, but not all will quote sky-high prices.
Beware of companies that tell you they are the only ones who can provide you coverage because this gimmick is used often to justify insanely high rates.
Before choosing an insurance company, ask if there are options to reduce coverage to lower the premium. There is always an option to upgrade different types of car insurance coverage when your record improves in the future.
No matter which company you decide to buy car insurance from, make sure you know the requirements of your state and the details of the policy.
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Tip #2: Damage Control
A crucial way to getting a lower insurance premium is to do some damage control for your bad driving record. Drivers who have a high number of violations should take a driver’s safety course, which will appeal to insurance companies when it comes time for renewal.
It is extremely common for even the most responsible drivers–who have been hit by others–to take a course in hopes of repairing their license.
A major offense on a driving record is a DUI violation, so driving responsibly is not only important for your safety but also for your budget.
Most insurance companies will likely consider you a bad risk after even just a single incident.
Before drinking and driving, imagine even higher insurance premium rates than you already have now.
With just a few years of safe driving on record, past violations will hold less weight in determining insurance premiums. Eventually, your driving record will be clean and car insurance will be more affordable. Until then, try to keep your driving record clear of major and minor offenses.
Tip #3: Explore All Options
Saving money on car insurance can be easy if you explore all the options available to drivers with a bad record.
Since insurance companies will definitely charge high premium rates if the coverage is only for one driver with a negative history, consider grouping several drivers into a single plan.
A group insurance plan will always contribute to lower rates and help save a significant amount of money. It is also more convenient and easy to contact a single company instead of many different ones.
If you are looking to save any money on car insurance coverage, having more options will increase the chances of finding a better rate.
Do not simply agree and pay after receiving a single quote; shopping around will get you a better deal. Look online for a website that offers a quick comparison for several quotes so you can get an affordable price even with a bad driving record.