Ever found yourself scratching your head and wondering why your car insurance is so expensive? Or perhaps, why your spouse or someone else in your family pays way less than you for the same coverage?
Contrary to popular belief, the vast majority of motor insurance providers don’t discriminate on a random basis. Instead, they discriminate heavily on the basis of several standard factors.
None of which are more important than the following six, which when combined determine how much anyone can expect to pay to ensure their vehicle:
- Your Age
Understandably (to an extent), motor insurance companies always charge younger drivers more. On one hand, you could argue that many 15 to 25-year olds are exceptionally safe and conscientious drivers. On the other, it’s also true to say that younger drivers are statistically far more likely to be involved in an accident. Don’t be too surprised, therefore, if and when your age held against you.
- Your Estimated Mileage
Likewise, those who drive further and on a more regular basis are technically the most experienced riders on the roads. Unfortunately, insurance companies are more concerned with the fact that the more time you spent behind the wheel, the higher the likelihood (statistically) of being involved in a collision. Even if you’re constantly on the road on have more experience than a dozen comparable motorists, you could still end up paying way more for your insurance.
- Where You Live
Is it your fault there’s a disproportionately elevated vehicle crime rate around your postcode? Not at all, but you’ll still be taken to the cleaners if your insurer believes you live in a high-risk area. In all instances, keeping your car off public roads (on a drive or in a garage) is a good way of bringing motor ensuring costs down at least slightly.
- Where You Work
This is a surprisingly intricate consideration and calculation, wherein multiple factors are considered. Examples of which include the distance your drive, the times of your journeys, where you park, what you may be carrying in your vehicle at the time and so on. Some jobs and places of work are considered higher-risk than others, so don’t be surprised if this has a significant impact on your premiums.
- Convictions and Penalty Points
Unsurprisingly, you’re also likely to be penalised by your insurer if you have a blemished driving history. Any evidence of convictions or penalty points whatsoever (irrespective of how long ago) could make it difficult to access affordable insurance. That is, if they’re willing to insure you at all.
- The Car You Drive
Last up, various characteristics of the car you drive will also be taken into account. Examples of which include the market value of your car, how likely it is to be targeted by criminals, whether its performance elevates the likelihood you’ll drive like a maniac and so on. Depending on your age and striving history, annual insurance premiums routinely go beyond the actual purchase price of the car itself.
For more information on how to get the best price for your scrap car or to discuss any aspect of our services in more detail, contact a member of the team at Take My Scrap Car today.
