What are the individual attributes that impact on your insurance premiums


MazdaWhat are the individual attributes that impact on your insurance premiums


With under-fire Chancellor George Osborne pledging additional hikes on home and car insurance in the UK, motorists are being forced to become increasingly vigilant when attempting to drive down costs.

Modern customers are therefore fortunate that they have access to a broader range of information than ever before and are able to understand the individual rules and regulations that drive insurance premiums. From here, it is easier to take practical steps that reduce your premiums over time and build on the diverse service offered by modern insurers such as A-Plan.

3 Characteristics that impact on your car insurance

While age and gender are key characteristics that impact on car insurance, there is nothing that you can do to influence either of these. There are other attributes that can be influenced, however, including the following: –

1. Marital Status

Statistically, married people tend to be at a lower risk of having an accident that single drivers, although this may have as much to do with age and experience than anything else (particularly with people now getting married older than in previous generations). Along with a positive previous driving industry, this can drive down costs and in some instances halve premiums.

So while we are not suggesting getting married in order to lower your insurance premiums, it may be worth avoiding high performance or expensive cars until you tie the knot.

2. Your profession and address

Interestingly, it is also a proven fact that the vast majority of accidents occur close to home and this means that the area in which you live has a direct correlation the premiums and rates that you are offered.

You can therefore lower costs by residing in a higher-end region, which benefits from relatively low risks of theft and similar crimes.

Additionally, your profession is also impactful, as parallels can be drawn between a specific occupation and an individual’s risk of experiencing an accident. Some of this is calculated by the proportionate amount of time spent behind the wheel, with anyone who works as a delivery driver considered to be a greater risk and more likely to be involved in an accident.

3. Your credit score

Finally, your credit score will also influence your insurance premiums. Lenders fix interest rates and repayments based primarily on your credit score, reducing fees for those with good credit and hiking rates for anyone who poses a negative score. This helps to offset the lenders perceived risk, so it is worth reviewing your score before making an application.

If you are in the market for an expensive or costly vehicle, consider delaying your plans until you taken steps to improve and optimise your score (such as updating address details and requesting the removal of any erroneous or outdated accounts).

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