Factors And Events That Increase Car Insurance Rates
Auto insurance premiums are modified due to a high number of factors, each one having a different amount of influence. Check our list with factors and events that increase car insurance rates and get car insurance quotes.
Modifying the car you want to insure. This is the most important factor and it weighs a lot in determining the rates. If you want to add extra parts or customize it, you must inform your insurer about it. Adding new ignition system, super-chargers, engine, wheels, brakes and so on, will certainly make the car insurance prices go up.- Being caught with DUI. Driving under the influence of alcohol or forbidden substances is a crime and depending on each state’s legislation, you will only be penalized with a fine and driving points or you can even spend some time in jail, for repeated violations. But the rates will surely be modified, in accordance with your new high-risk driver status. You can end up paying with 50% more or even twice as much as you paid before being caught with DUI.
- Having a bad credit score. As Consumers Report shown this month, there are many insurers that cautiously check a customer’s credit card score before accepting it. If the credit score is below excellent, that person will have to pay more for auto insurance.
- Moving in a new area with more hazards and robberies. The area where you live greatly influences the rates. If you move in a neighborhood where car robbery has a quite high occurrence rate, the insurer will surely increase the rates. Also, moving in regions where extreme weather phenomena happen often will modify the prices. You can imagine that people living in places like Tornado Alley pay a lot more for car insurance.
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