10 Best car insurance rates

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Car insurance premiums is one of the largest bills you have. As such, many people seek to lower their car insurance rates or find ways to mitigate the costs. Several things affect your own insurance premium.

Levels of insurance coverage

The easiest way to lower your insurance payments is to adjust the level of coverage you're getting. Raising the deductible, or out-of-pocket responsibility you have before insurance covers the costs of repairing your car after a collision, is one way to lower your monthly payment. Choosing to have less coverage on your vehicle is another way.

Both of these may save you money in the short term, but if you're in a wreck, especially if you're at fault, you may end up spending far more out of your own pocket than you would with more coverage. For example, for those driving newer cars, not having gap insurance may mean that they still owe on a vehicle even if the car is totaled out. Or, your insurance may cover damages to the other person's vehicle, but not your own. In this case, you'll have to pay for repairs yourself.

Your gender and your age

Drivers under 25, both male an female, have higher insurance premiums than older drivers. Men, especially teenage men, have the highest insurance premiums of any demographic. According to statistical data, single males under 25 are the highest risk group. Married, middle-aged, female non-smokers are the lowest demographic to insure.

The car you drive and how you drive

The car you drive is one of the main factors in which kind of insurance rates you're eligible for. Most lenders require new car owners to have complete full coverage of their car until the loan is paid off.

Other factors that affect insurance rates are the make and model of car you choose. For example, a fancy sports car will likely cost more to insure due to a higher likelihood of an accident, while a late-model minivan may be much cheaper. The cost of the car itself is also a determining factor in insurance quotes. Cars that are more expensive to fix will cost more to insure.

Your past driving record impacts your insurance premiums, too. Points ion your license from traffic violations are one part. Past accidents are another, possibly the greatest factor in car insurance companies setting wrecks. If your driving record is too poor, some insurance companies won't even insure you at all without expensive supplemental insurance.

All of these things are important to consider when shopping for car insurance. A good insurance agent can help you find discounts and let you know when you may be eligible for additional reductions.