You probably know that young men usually have to pay high insurance premiums and that getting a ticket or getting into a wreck doesn't do you any favors. But there are a lot of things that insurance companies look at to help them get an overall picture of how reliable you are, how safe you are, and how likely it is they'll have to shell out money for an incident that you're involved in. Here are three other things that can raise your premiums.
1. Your credit rating
If your credit score tanks, it could increase your premiums. Insurance companies don't just want you to stay safe while you have their policy, they also want you to be reliable and grounded and keep making your payments so they won't have to waste time looking for customers to replace you. More reliable and less risk-taking customers are more valuable customers, and if your car insurance company does take credit scores into account, a higher score is more likely to score you a lower premium.
2. Your zip code
Generally speaking, you're more likely to get a favorable premium if you live in the country. This is probably because city driving is riskier, what with all the crowds and traffic and tight parking spaces and so on. So if you've recently moved to the city and your premiums went up, that could be why.
3. Engine size
Yes, your car's engine size can affect your rates. Apparently a car with a larger engine size (compared to the car as a whole) is riskier and tends to get into more accidents statistically speaking. The statistics are probably skewed by people who drive sports cars for a thrill, but your insurance company may only care about the statistics themselves and not where they came from. You could be a steady-going mom of three, but if you've recently gotten a car with a relatively large engine, you may want to watch for an increase in your premiums. If you do suffer a rate hike, you may be able to talk to your insurance company about it and convince them that you're not actually in the at-risk demographic they're lumping you into just because you have a sporty car. Find out what company policies are and which circumstances can allow you to get a rate hike reversal.
These three factors can cause unlooked-for car insurance premium increases. Other factors, such as your car's safety features and your occupation, may play a part as well. For more information, contact companies like Angel Auto Insurance.