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Car Insurance Infographic What Determines My Car Insurance Rates? Best (Least Expensive) Case Scenario Average Driver Worst (Most Expensivel Case Scenario The angle of each slice equals the estimated weight assigned by most auto insurance companies. Occupation 2% The area of each Theft Protection Devices (or Parking Indoors at Night) 1% slice equals the dollar amount each insurance Credit Rating 3% determining factor can cost you. Insurance Deductibles 4% Your Insurer and Your Policy 5% Driving Record and Claim History 35% Location/State 8% Gender 5% Your Car 13% Age and Marital Status 25% Scenario 1: $2180 per year Scenario 2: $5492 per year Scenario 3: $643 per year 18 year old unmarried female 35 year old unmarried male 55 year old married female •1 speeding ticket & 2 comprehensive claims within one year • Car: 2002 Honda Civic • State: New York • Below average credit score • Has high insurance deductible • Occupation: student • Car not garaged at night. No alarm • 2 tickets on record and 1 at-fault accident • Car: 2007 Porsche 911 Carrera • State:Washington D.C. • Excellent credit score • Has low insurance deductible • Occupation:lawyer • Car garaged at night. Lo-jack and alarm installed . 0 tickets or accidents in 3 years • Car: 2001 Chevy Tahoe • State: Vermont • Poor credit score • Has average insurance deductible • Occupation: home-business owner • Car garaged at night. Lo-Jack installed Did you know? The average American adult forks up around $80,000 for auto insurance in their lifetime. The average American pays $1,560 per year on car insurance. Driving Record and Claim History Gender 9945678292 • Your driving record has by far the largest effect on your insurance premiums. All else being equal, racking up a bad driving record can easily double or triple your premiums and even get you kicked off your policy! • Women are 10% less likely to have a moving violation. PATROL TICKET • Women typically have cheaper vehicles than men - around 8% less than men's cars ($22815 vs. $24,861, respectively). • There's a huge difference in insurers'"surcharge schedule" - the predetermined amount your insurance will go up for each type of LASTA • Women pay 10% less than men in average. incident. Insurer's Surcharge Schedule Location/State • Texas and California account for 1/3 of ALL auto thefts in the U.S. This affects residents' rates, among other local factors. 160 % 140 % 120 % 100 % Your Insurer and Your Policy 80 % 60 % • Simply getting a good deal is one of the easiest ways to save money! Don't settle for a lousy deal - use our site (, or one like it to find the best auto insurer and policy for you. 40 % 20 % • Insuring multiple cars or multiple family members with the same insurer is always a good bet. Or, try to insure your home, cars and other vehicles under an umbrella policy. AAA Auto Club Progressive State Farm After One Accident After Two Accidents • Ask if your insurer offers "first accident forgiveness," and see if the added cost to your premiums are worth it. source: • Did you know: State Farm is the largest auto insurer in the U.S. by far: • At-fault accidents have the greatest potential to increase your insurance rates. • A ticket for talking on your cell phone most likely won't affect your Direct Premiums Written Market Share insurance. $35M 21 % The Fastest Speeding Ticket $30M 18 % $25M 15 % The fastest speeding ticket issued in the world was for 242 MPH in a 75 MPH zone. This happened in Texas in May 2003. The car was a Koenigsegg CCR supercar. $20M 12 % $15M $10M $5M 3 % $0 Age and Marital Status • Male teens pay the highest premiums of ANYONE, even without any tickets or crashes: around $2500/year. Add in two incidents, and rates can easily double to $5000/year. • 16-year-olds get into accidents SIX TIMES more often than drivers between the age of 30 and 59. • Turn 25 and pay significantly less for insurance. Around 20% discount for males, 15% for females. Insurance Deductibles • Young families (parents 30-39 years old) usually have very favorable rates. BB 51211899 • It's a trade-off: Agree to pay a higher deductible ($500-2000) and get lower monthly rates, or agree to a small deductible ($0 500) and get higher monthly rates. • Drivers between 50 and 65 pay the least for car insurance. Your Car • Your deductible for comprehensive claims is separate from your accident deductible, but functions the same way. • Boring, slow and cheap cars have lowest insurance premiums (10 year-old, hand-me-down Toyota Camry with a 4-cylinder engine and 150,000 miles). Credit Rating • Exciting, fast and expensive cars have highest insurance premiums (The usual suspects: Porsche, BMW and Ferrari are of course very high, along with other sports cars such as the Lotus Elise, Mitsubishi Evolution and Honda S2000, which are also very expensive to insure. • Insurance companies can charge poor-credit customers 20-50% more than for customers with good credit. • Did you know: Insurance companies have a secret "insurance score" similar to your credit rating/FICO score! • 4x4 vehicles tend to cost more to insure, since insurers believe you will go off-road or visit in more risky places. However, 90% of off-road vehicles are never driven off-road. Theft Protection Devices (or Parking Indoors at Night) 2010 Most Expensive Car to Insure: • Having a LoJack installed on your car could save you up to 10% on car insurance. Cost up-front: Between $700-$1000 installed. Porsche 911 Carrera GT2 • Parking in a garage at night will save you money, since your car is safer in the eyes of insurers. Don't lie though, if you park outside and your car gets stolen your claim may be denied. $3,000/year* image: 2010 Least Expensive Car to Insure: Occupation Mazda Tribute • Scientists, pilots, actors and artists have lower than average premiums. Doctors, attorneys, lawyers, real estate agents, and business owners have higher than average premiums. $1,070/year* image: • Odd fact: The best drivers in insurer's eyes are those that don't drive at all! *assuming average driver and clear driving record Source:,,,,, car,,,,,,,,,,,,,,,,,, Disclaimer: The exact formula used to determine premiums is proprietary for each insurer and is in a state of constant revision. The above information was calculated according to our research based on current national averages and trends, and while most consumer car insurance policies should fall within our specified ranges, there are some that will not fit our model. The facts, information and assumptions made in this infographic are not to be used as financial advice, always speak with your insurance agent if you have any questions relating to your policy. State Farm Mutual Allstate Corp. Berkshire Hathaway Inc. Progressive Corp. Zurich Financial Services Ltd Nationwide Mutual Group Liberty Mutual Holding C o. USAA Insurance Group Travelers Companies American Family Mutual Insurance Co.

Car Insurance Infographic

shared by Car-Insurance on Jan 12
Curious what factors dictate your personal auto insurance premiums? The guys and gals over at Car-Insurance deep-dove into the matter and after hundreds of hours of research came up with some startlin...




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