What Affects Car Insurance Rates?

Auto insurance rates may seem like a mystery, but there are real, measurable factors that affect them. For instance, insurance companies consider educators to be safer drivers, so you get discounts just for being you.

The 5 Factors That Affect Car Insurance Rates

  1. Your Driving History. As you might have guessed, safe drivers pay less for car insurance than their accident-prone counterparts. Insurers pay close attention to their customers’ driving records. An extensive history of claims, speeding tickets and other infractions can all lead to higher insurance rates.
  2. Your Car’s Make and Model. Some cars are more expensive to insure than others. For example, a sports car costs more than a minivan. New cars, and cars with higher purchase prices, also cost more to insure. This has to do with the cost of vehicle repair should a claim occur. In addition, safety features and safety ratings for particular vehicles are also a factor.
  3. Your Location. Since cities tend to have higher rates of theft, vandalism and accidents, drivers in urban areas pay higher insurance rates.
  4. Your Policy and Deductibles. Of course, the specifics of your policy and the deductible level play a big role in determining your car insurance rates. In general, a higher deductible means a lower monthly payment. However, it’s important that you choose a policy that’s right for you and your vehicle, taking more than cost into consideration.
  5. Your Discounts. There are several ways Meemic Members can save money through special insurance discounts. For example, there’s a discount for bundling other policies, such as homeowners or renters insurance, with an auto policy. There’s also a discount for paying your auto policy in full instead of monthly installments. New teachers and good students get discounts, too. Just ask your agent.

Get a Quote for Auto Insurance Today

With Meemic, you’ll get high-quality auto insurance at an affordable price. How affordable? Just give us a little bit of information about yourself, and we’ll get you a quote in no time at all.

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Benefits to Educators: Other Insurance Products

Meemic was founded by teachers to offer great auto insurance to members of the educational community — but we offer more than just auto insurance. As an educator, insurance from Meemic can also help cover your home, condo, the belongings in your apartment and more.

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